By Free Republic | Created at 2024-10-31 03:21:58 | Updated at 2024-10-31 05:20:23
2 hours ago
China lost 36% of its billionaires to years of economic troubles and crackdowns
Business Insider via msn ^ | 30 Oct 2024 | (Hannah Abraham
Posted on 10/30/2024 8:15:34 PM PDT by blueplum
The number of China's billionaires has dropped by a third since 2021, according to an annual rich list, as difficulties for the country's economy and government crackdowns took their toll.
Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total.
It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them....
China's economy has been grappling with a prolonged housing crisis, high unemployment, high local government debt, and weak consumer demand. Those headwinds hit its superrich, too.
Earlier this month, China released third-quarter growth data that was its slowest in six quarters. The government is promising stimulus measures to boost economic growth and has plans to approve more than $1.4 trillion in extra debt in the next few years, according to Reuters....
(Excerpt) Read more at msn.com ...
TOPICS: Business/Economy; China; Foreign Affairs; News/Current Events
KEYWORDS: chinacrash; taiwan
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1 posted on 10/30/2024 8:15:34 PM PDT by blueplum
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