The number of dollar billionaires in China has dropped by a third over the past three years due to government crackdowns, economic weakness, and a stock market downturn, according to the “rich list” compiled by research group Hurun.
Hurun reported that the number of dollar billionaires, which peaked at 1,185 in 2021, has now fallen to 753—a 36% decline that outpaces the 10% drop in the value of the renminbi against the dollar during the same period.
In 2022 alone, the number of Chinese dollar billionaires fell by 16%, even as the renminbi depreciated by only 2.5% against the dollar.
The list has also seen rapid shifts, with older entrepreneurs, such as property developers, being replaced by figures like Zhang Yiming, chairman of ByteDance. The 41-year-old founder of ByteDance, which owns the popular short-video platforms TikTok and its Chinese equivalent Douyin, became China’s richest person for the first time, with a fortune of $49 billion, despite his company facing scrutiny from the U.S. government, according to Hurun.
Meanwhile, the former frontrunner, Nongfu Spring’s 70-year-old founder, saw the company’s share price fall by 40% amid accusations on social media of being “pro-Japanese.”
Entrepreneurs from Hong Kong, Macau, and Taiwan also made the list.
“The rich list has shrunk for the third consecutive year as China’s economy and stock markets face ongoing challenges,” said Rupert Hoogewerf, president of the Hurun Report.
Hurun’s wealth estimates were compiled at the end of August, not accounting for the stock market rally in September following China’s announcement of a monetary stimulus package.
The decline in ultra-wealthy individuals aligns with the collapse of China’s once-booming property market, which has eliminated many wealthy property developers.
China’s e-commerce billionaires have also been impacted by government crackdowns but have shown resilience. Pony Ma, founder of Tencent, the company behind WeChat, ranked third on the list, while Colin Huang, founder of Pinduoduo and Temu, was fourth.
Chris Xu Yangtian, founder of international clothing platform Shein, ranked 76th with a fortune of $7 billion.
Hurun noted that the new generation of Chinese entrepreneurs is more international in outlook than their predecessors.
Former top-ranked Jack Ma of Alibaba, who led the list in 2020, fell to 10th place this year after a period out of the public eye, which began after the government canceled the highly anticipated IPO of his financial group, Alipay.
Hurun also reported that 15% of the rich list members reside outside mainland China in places like Hong Kong, Macau, or Taiwan. Additionally, 30 members live in the U.S. and Singapore, with the latter becoming an increasingly popular offshore location for Chinese billionaires.
About 7% of the list’s members belong to China’s top political advisory bodies, the Chinese People’s Political Consultative Conference or the National People’s Congress.
Industries like smartphone and new energy have seen rising prominence on the list, represented by entrepreneurs such as Robin Zeng of lithium battery maker CATL, Li Zhenguo of solar panel maker Longi, Lei Jun of smartphone maker Xiaomi, and Frank Wang of drone maker DJI. These sectors have gained significantly more influence over the past decade.
