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Home > China Business, China Economy > Financial turmoil makes the rich poorer

Financial turmoil makes the rich poorer

November 3rd, 2008

Financial turmoil is mirrored by the latest list of China’s 400 richest people compiled by Forbes magazine. According to the Forbes report, their combined net worth dropped nearly 40 percent to $173 billion from $288 billion last year, and the top richest lost $68 billion. Their fortunes have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong Shares this year.

There are 24 billionaires in this year’s list compared to last year record 66. The losses would be even larger if it had not been yuan’s appreciation. Dominating the list for years, real estate developers are big losers as housing prices sag.

Yang Huiyan, the wealthiest person last year, who inherited a vast fortune from her father, suffered greatest this year. She is now ranked third as her net worth plunged 86 percent to $2.21 billion.

Zhang Xin, CEO of SOHO China, whose net worth has shrunk about two-thirds to $1.2 billion, is ranked 19th down from 7th last year.

Zhang Songqiao, who focuses on property development in western China, is the chairman of C C Land. He saw 98 percent of his fortune evaporate and disappeared from the list this year.

 

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