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The number of billionaires in Greater China, including Taiwan and Hong Kong, dropped by 161 last year, according to heritage research firm Hurun Report.
Chinese wealth was squeezed last year by more than 25 percent of the country's stock markets and a slump in the country's currency, Hurun said Tuesday when it released its global wealth list.
The Chinese financial markets were shaken in 2018 by fears about the country's economic slowdown and its damaging trade war with the United States. Analysts expect economic growth to bottom out later this year.
The number of Chinese billionaires rose from 819 to 658 on January 31, according to Hurun. Despite the sharp decline, the country still has more billionaires than the United States, which has 584, an increase of 13%, according to Hurun.
Ma Huateng, CEO of the Internet giant, is among the biggest losers in China. Tencent (TCEHY), whose fortune dropped 19% to $ 38 billion. Tencent's shares have been severely affected by the Chinese freeze on approvals for many of its lucrative games.
Wang Jianlin of the Dalian Wanda group, once the richest man in China, lost 37 percent of his net worth to $ 17 billion. Wang, who once bragged about his global economic empire, has focused more in recent years on selling assets from his real estate conglomerate and entertainment.
Jack Ma and others enrich it
Some Chinese billionaires have prospered despite the turmoil.
Jack Ma, founder of the e-commerce company Ali Baba (Baba), has seen an increase of more than 20% of his wealth, to 39 billion dollars, making him the richest man in China. Ma 's fortune increased last year thanks to a sharp increase in the value of Ant Financial, the online payment subsidiary of Alibaba.
He is still far behind the richest man in the world, Jeff Bezos. Hurun poses the Amazon (AMZN) the net worth of the leader to 147 billion dollars.
A series of major Chinese IPOs have also catapulted new names into the ranks of the wealthiest.
Zhang Yong is now the richest owner of restaurants in the world after his Chinese hot pot chain, Haidilao, went public in Hong Kong last year. Zhang is worth about $ 8.8 billion.
Zhang Yiming, founder of the Internet start-up ByteDance, is another newcomer. The company, which is behind many popular applications on social networks such as TikTok, now has an estimated value of about $ 75 billion.
"Despite the slowdown in the Chinese economy, significant innovations are under way, as evidenced by the fact that China has more new faces than any other country in the world," said Rupert Hoogewerf, president of the Chinese economy. Hurun report.
The Hurun index measures individual wealth as of January 31st. This takes into account the impact of the rebound of Chinese stocks in February, motivated by the hope of additional stimulus measures from the Chinese government and by the optimism of a possible agreement to end the the commercial war.
The Shanghai Composite benchmark is up almost 14% since the beginning of February.
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