The number of China’s dollar billionaires has fallen by more than a third in the past three years, according to a “rich list” compiled by research group Hurun, as government crackdowns, weakness in parts of the economy and depressed equity markets take their toll.
Since hitting a peak of 1,185 in 2021, Hurun said the number of dollar billionaires had been reduced to 753, with the 36 per cent decline exceeding a 10 per cent fall in the renminbi’s value against the dollar over the same period.
In the past year alone, the number of dollar billionaires in China declined by 16 per cent, when the renminbi depreciated only 2.5 per cent against the dollar.
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