Chinese billionaires shrink by half

Global economic woes seems to have eroded the fortunes of the wealthiest in China as the country has fewer billionaires now - in fact lesser by  over 50% - in the latest Forbes list.     

According to the US publication Forbes, the number of billionaires this year are just 24 as compared to 66 in 2007.     

"The combined net worth of the 400 richest dropped to $173 bn from $288 bn .

The top 40 lost $68 bn , or 57%. The minimum net worth slipped $20 mn to $180 mn ," the magazine said in an accompanying report.     

Forbes added that losses would have been greater if it had not been for the Chinese currency renminbi's 10% appreciation against the dollar.     

The erosion in wealth is likely to reduce the number of Indian billionaires as well, when the magazine comes out with its rich list for India, possibly next month.     

This year's list of richest Chinese people is topped by 60-year old Liu Yongzing of East Hope Group with a net worth of $3 bn.     

Gome Electrical Appliances' Wong Kwong Yu ($2.7 bn) at the second spot and real estate heiress Yang Huiyan of Country Garden ($2.2 bn) at the third place.