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. Read more…

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financial, Forbes, poorer, rich, turmoil