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China’s super-rich feel slowdown says report

Some of China’s richest people have felt the effects of economic slowdown in the country, with their wealth reducing in the past year, according to the Hurun Rich List.

Report by BBC Online

China has 251 people worth $1bn (£616m) or more, 20 fewer than last year.

However, the number is still a huge increase compared to 2006, when there were only 15.

It is the first time in seven years that the number of billionaires in China has fallen.

The Chinese economy has slowed in recent months with growth falling to a three-year low of 7.6%, compared with the previous year.

The benchmark gauge of shares listed at the Shanghai Stock Exchange has fallen 23% this year and the property market has declined, subdued by government measures to bring down prices.

Of the 1 000 richest people tracked by Hurun, nearly half saw their wealth shrink in the past year.

Topping the list this year is Zong Qinghou, from the beverage company Wahaha, who is worth $12.6bn.

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