Eco slowdown: China’s super rich down

It is the first time in seven years that the number of billionaires in China has fallen.

Written by Agencies | Beijing | Published: October 7, 2012 3:33 pm

As the Chinese economy slowed down due to steady fall in exports,the wealth of some of the country’s richest people registered a decline in the past year.

According to the Hurun Rich List,China has 251 people worth USD one billion or more,20 fewer than last year.

However,the number of Chinese billionaire has increased many folds compared with 2006,when there were only fifteen.

It is the first time in seven years that the number of billionaires in China has fallen.

The Chinese economy has slowed in recent months with growth falling to a three-year low of 7.6 per cent,compared with the previous year.

Of the 1,000 richest people tracked by Hurun,nearly half saw their wealth shrink in the past year,BBC reported.

Topping the list this year is Zong Qinghou,from the beverage company Wahaha,who is worth USD 12.6 bn.

However,according to the report the number of Chinese millionaires in China continued to grow as crossed the million mark touching 1.20 million an increase of 6.3 per cent compared to 9.60 lakhs last year.

Beijing is home to the largest concentration of millionaires with 1.79 lakh living here followed by 1.67 lakh in Guangdong and 1.40 lakh in Shanghai.

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