Chinese billionaires lose out as the country’s economy and stock market slow

The number of billionaires in China fell by a third and the collective wealth of the country’s richest people dropped 10%.

An annual “rich list” by a financial consultancy revealed that the Chinese “super rich” saw their wealth decline for the third year in a row, as stock markets faltered and the economy slowed.

Beijing’s target of 5% annualized growth was missed in all of the first three quarters of 2024, and while major stimulus measures in September boosted the market, the upswing was temporary. ByteDance boss Zhang Yiming was named the country’s richest person, up from fourth place last year.