China's super-rich see fortunes plunge as economy slows

The Hurun Rich list shows the Russia-Ukraine war and Beijing's zero-Covid measures seriously affecting China's most wealthy

China's super-rich saw their wealth fall by the largest amount in over two decades, as the Russia-Ukraine war, Beijing's zero-Covid measures and falling local stock markets pummelled fortunes, an annual rich list showed.

The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($690m), said only 1,305 people made the threshold this year, down 11% from last year. Their total wealth was $3.5tn, down 18% from last year.