This was reported by Reuters with reference to the ranking of the richest people in the world, according to Ukrinform.

“Rising interest rates, a stronger U.S. dollar, the collapse of the tech bubble caused by COVID, and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” said Rupert Hoogeverf, founder and chairman of Hurun Report. .

The loss of its super-rich status is linked to the tightening of the global monetary system, disruptions caused by the COVID-19 pandemic, and Beijing’s crackdown on big tech companies.

China lost 229 billionaires from the Hurun Global Rich List 2023, which makes up more than half of the 445 people missing from the list, classifying businessmen worth at least US$1 billion.

The world’s second largest economy also added 69 new billionaires to the list during this period.

China is the country with the most super-rich people: As of January 16, 2023, the total number of billionaires is 969, while the United States has 691 billionaires.

Jack Ma, the founder of Chinese e-commerce giant Alibaba Group Holding, fell from 34th to 52nd place the previous year, largely due to China’s pressure on the technology sector.

From last year to the end of January, China’s benchmark stock market index Shanghai Composite has lost almost 11%.

The country’s yuan lost nearly 8% of its value against the stronger dollar in 2022, the biggest drop since 1994. The main reason for such changes was the Federal Reserve System’s aggressive rate hike and the slowdown in China’s domestic economy.

Hoogeverf noted that the number of billionaires in the world decreased by 8 percent and their total wealth decreased by 10 percent. He added that a total of 3,112 people were included in the list, which was 3,381 the previous year.

As reported by Ukrinform, Chinese billionaire and Alibaba founder Jack Ma is hiding with his family in Tokyo due to pressure from China.

Photo: “Bloomberg”