China's super-rich see fortunes plunge as economy slows: Here're top losers

China’s super-rich saw their wealth tumble by the most in 24 years, as the Russia-Ukraine war, Beijing’s zero-Covid measures, and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday. 

The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11 per cent from last year. Their total wealth was $3.5 trillion, down 18 per cent. 

Zhong Shanshan, head of water bottler Nongfu Spring and vaccine developer Beijing Wantai Biological Pharmacy Enterprise fame, took first place on the list, with a fortune that grew 17 per cent to $65 billion.