When it comes to being home to a large number of the world’s richest people, it was already a tough year for mainland China on the 2022 Forbes Billionaires List unveiled in early April. Their ranks thinned to 539 members from a record 626 a year earlier amid slowing economic growth and stock price declines in the world’s most populous nation.
The loss of wealth among mainland China’s richest has become even worse since the list was published, however. At least another 97 listees among that group of 539 mainlander members are now below the $1 billion threshold, based on preliminary estimates using Tuesday’s global stock prices.
“exact a very high cost on the economy,” according to long-time China resident Kenneth Jarrett, a senior advisor to the Albright Stonebridge Group and former president of the U.S. Chamber of Commerce in Shanghai. Rising interest rates in