Number of China's ultra-wealthy dwindles in 2019

The number of ultra-wealthy individuals dipped in China this year, a report said Thursday, as the government seeks to rebalance the economy and tackle high levels of toxic debt.

Those listed as the wealthiest -- with holdings worth at least 2 billion yuan (USD 281 million) -- fell to 1,819 this year, down from 1,893 last year, according to data compiled by the Hurun Report.

"This is the first time in 21 years that the Hurun (China) Rich List has shrunk for two consecutive years," said Hurun Report chairman Rupert Hoogewerf.

"The only other years the list shrunk, and only very slightly, were in 2008 at the time of the global financial crisis and in 2002 after the tech bubble burst."
"Nearly 40 per cent of those in the rich list two years ago has dropped off," he said. "It's part of a very conscious decision by the Chinese government to try and restructure the economy."