Live News Updates: Brookfield, EIG bid $12bn for Australian energy company

The wealth of China’s 100 richest people shrank by more than a third in 2022 as the country’s zero-Covid policy, faltering economic growth and the pursuit of “general prosperity” weighed on valuations of the country’s top companies and gnawed at his private wealth.

The wealth of the country’s richest tycoons shrank 39 percent to $907.1 billion in 2022 from $1.48 trillion a year earlier, according to the Forbes list of the wealthy, the biggest drop since the list began publication more than 20 years ago.

Only two of the names on the list saw wealth increase, Forbes said, while 79 billionaires got poorer.

Forbes blamed Beijing’s tech crackdown, its economically choking zero-Covid policy, slow economic growth and concerns over the outcome of the 20th Communist Party Congress in October.

The decline in the value of the renminbi further weighed on assets.

Zhong Shanshan, chairman of mineral water company Nongfu Spring, remained at the top of the list with a fortune of $62.3 billion, down just 5 percent from a year earlier.

Robin Zeng, chairman of CATL, the world’s largest maker of batteries for electric vehicles, saw his wealth fall 43 percent to $28.9 billion a year.

Alibaba founder Jack Ma also saw his personal fortune nearly halved after his company lost around 60 percent in value last year.

Shein founder Chris Xu was a notable newcomer with an estimated fortune of $10 billion, while Evergrand chairman Hui Ka Yan, once one of the country’s richest people, dropped out of the country’s richest 100.

https://www.ft.com/content/86eb9d4b-02c7-418d-96d2-f805297ffd23 Live News Updates: Brookfield, EIG bid $12bn for Australian energy company

Adam Bradshaw

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