The trade war has hit the Chinese economy from all sides.
The Chinese market has witnessed a severe turmoil and big-time investors have suffered from the turmoil, especially the super-rich.
According to the Hurun Report, Greater China has seen the number of billionaires in its huge economy fall from 819 to 658. About 161 billionaires have been affected by the recent happenings in China.
In 2018, China witnessed a financial squeeze in which more than 25 percent of the stocks slumped along with its currency.
The tariffs that were imposed on the Chinese products have hit the country’s trade as manufacturing expenses went up while demand slowed down leading to poor sales and profit. The trade war with the U.S. has made economic growth to hit a low.
Even with the gloom and doom hanging over China, the number of billionaires in China is more than the number in the U.S. There are 658 billionaires in China, while the U.S. has only 584 billionaires.
Tencent is one of the biggest billionaires to lose in China. The CEO Ma Huateng has lost about 19 percent of his fortune, as his fortunes fell to $38 billion. Most of Tencent’s games have been frozen by Chinese officials.
Another billionaire, whose wealth has gone down by 37 percent, is Wang Jianlin of Dalian Wanda Group. His net worth has gone down to $17 billion. He has been selling his assets and entertainment businesses.
However, some of them continue to amass riches. Jack Ma, the founder of Alibaba has seen a 20 percent increase in his finances and his wealth has increased to $39 billion. Currently, he is the richest man in China. His Ant financial, the online payment affiliate has been the cause for the increase in his wealth.
The chairman of Hurun Report, Rupert Hoogewerf says that despite the slowdown in the economy, China continues to have new innovators springing up.