Shanghai Stock Exchange

Shanghai Stock Exchange

The Hurun Rich List in the People’s Republic of China (PRC) reports that the number of Chinese billionaires has decreased this year with only 251 people making the list while 271 were on it last year.

In 2006 only 15 billionaires were on the Hurun Rich List but this year marks the first time in seven years that the number has decreased.

This comes in the midst of falling economic growth for the PRC with a three-year low of 7.6%.

The Shanghai Stock Exchange is down 23% on average over last year and the property market has declined due to pressures from Beijing to prevent a property bubble.

The wealthiest person in China according to the Hurun Rich List is Zong Qinghou, the founder and owner of Wahaha Beverage Company with a worth of $12.6 bn.

 

[BBC]