The Strategist

Forbes: Chinese billionaires were losing the most in 2021

12/22/2021 - 08:35

Chinese billionaires have topped the list of wealthy individuals whose fortunes declined in the outgoing year, largely thanks to the regulatory efforts of local authorities, Forbes reported.

Trey Ratcliff
Trey Ratcliff
The newspaper lists ten Chinese individuals who have each lost at least $10 billion over that time, for a combined total of $152 billion in losses. Leading the way here is the founder of e-commerce platform Pinduoduo, Colin Huang. His fortune is down $40.2 billion. Alibaba founder Jack Ma came in second place, losing $21.4 billion. In third place was the head of long-suffering Evergrande, which is in danger of default on its debts, Hui Ka Yan - he lost around 18 billion dollars.

The publication notes that, overall, since the beginning of the year billionaires on the Forbes list have become richer by $ 1.6 trillion, with the Chinese becoming richer by 4% compared to last year, although a year earlier the increase in their wealth was estimated at 60%.

"Increasing regulation by Chinese authorities in industries ranging from e-commerce to extracurricular activities has caused a sharp sell-off that has devalued Chinese companies by hundreds of billions of dollars," the publication explains.


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