Forbes’ tracking of affluent Chinese shows that the top 100 richest have lost more than a third of their fortunes this year.

In 2021, their collective net worth was $1.48 trillion. This year, it has dropped 39% to $907 billion, which Forbes said is a historic fall since the publication began compiling its list over 20 years ago.

In China’s 100 Richest list, only two had their wealth increase, whereas 79 others suffered losses. Four out of five of China’s top 100 wealthiest people are poorer now than they were a year ago.

Zhong Shanshan, chairman of China’s top bottled-water supplier Nongfu Spring, once again dominated the list. His wealth plummeted slightly by 5% to $62.3 billion from $65.9 billion in 2021. However, Forbes noted that Zhong enjoyed some leverage from his investment in Beijing Wantai Biological Pharmacy, which supplies COVID testing. 

Following up is internet entrepreneur Zhang Yiming, founder of TikTok owner ByteDance. His net worth is $49.5 billion, a roughly 17% decrease from last year. The third runner-up is Robin Zeng, also known as Zeng Yuqun, the Chairperson of CATL, the world’s electric vehicle battery producer. Zeng, however, saw 43% of his net worth evaporate from last year to $28.9 billion.

Losing the most fortune is Yang Huiyan, co-chair of property developer Country Garden. Last year, her net worth was $27.8 billion. Now, it is $4.91 billion, an 82% nosedive. Five others in the sector fell out of the list, including Evergrande chairman Hui Ka Yan.

Alibaba founder Jack Ma almost lost his fortune after his business value fell by over 60%.

The only two persons who are more prosperous than they were last year are Jin Baofang and Gao Jifan, mammoths in renewable energies. Jin, chairman of JA Solar Technology, enjoys a 16% wealth rise from the previous year to $10.4 billion. Gao, the founder of Trina Solar, saw a modest 2% increase to $7.3 billion.

Dampening the Chinese rich’s fortune, according to Forbes, were Beijing’s tech clampdown, the hardline “zero-COVID policy,” the economic slump, the Real Estate debacle, and the uncertainties that ensued after the 20th Communist Party Congress in October. The yuan’s more than 12% decline in value against the dollar during the previous year is also a contributing factor.

Forbes expects a slow rebound in the future, considering Beijing’s lawmaking tendency and the current economic downturn in the country.

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