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China's super-rich feel slowdown says report | China's super-rich feel slowdown says report |
(about 1 hour later) | |
Some of China's richest people have felt the effects of economic slowdown in the country, with their wealth reducing in the past year, according to the Hurun Rich List. | |
China has 251 people worth $1bn (£616m) or more, 20 fewer than last year. | China has 251 people worth $1bn (£616m) or more, 20 fewer than last year. |
However, the number is still a huge increase compared with 2006, when there were only 15. | However, the number is still a huge increase compared with 2006, when there were only 15. |
It is the first time in seven years that the number of billionaires in China has fallen. | 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%, compared with the previous year. | The Chinese economy has slowed in recent months with growth falling to a three-year low of 7.6%, compared with the previous year. |
The benchmark gauge of shares listed at the Shanghai Stock Exchange has fallen 23% this year and the property market has declined, subdued by government measures to bring down prices. | The benchmark gauge of shares listed at the Shanghai Stock Exchange has fallen 23% this year and the property market has declined, subdued by government measures to bring down prices. |
Of the 1,000 richest people tracked by Hurun, nearly half saw their wealth shrink in the past year. | Of the 1,000 richest people tracked by Hurun, nearly half saw their wealth shrink in the past year. |
Topping the list this year is Zong Qinghou, from the beverage company Wahaha, who is worth $12.6bn. | Topping the list this year is Zong Qinghou, from the beverage company Wahaha, who is worth $12.6bn. |