Chinese billionaires have lost massive wealth due to the property market downturn and turmoil in the world’s second-largest economy. In response, Beijing has rolled out yet another stimulus package, this time on Tuesday, as the Communist Party of China seeks to appear more proactive in supporting the economy amid a decades-long, investment-driven growth model that has hit stumbling blocks over the last several years.
The multi-year economic downturn has roiled the billionaire class in China, with many losing their billionaire status and being downgraded to centi-millionaire.
Financial Times cites new data from research group Hurun, which shows the number of dollar billionaires plunged by over one-third in the last three years. The destruction of the billionaire class has been met with a barrage of stimulus measures to address underlying structural problems (debt, fertility crisis, deflation, property market woes, ect…), crushing the economy into a slow growth regime.
Hurun data shows that at the 2021 peak, there were 1,185 dollar billionaires in China. By the second half of 2024, that number plunged to 753, or about a 36% plunge, surpassing a 10% drop in the renminbi’s value against the dollar over the same period. This year alone, the number of dollar billionaires in China tumbled 16%, when the renminbi only depreciated by 2.5% against the dollar.
China’s decades-long investment-led growth boom in the property market minted billionaires upon billionaires. However, the downturn has wiped out many entrepreneurs with huge fortunes tied to property developer firms. […]
— Read More: www.zerohedge.com
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