The collective net worth of China’s 100 richest has fallen 39% over the past 12 months, from US$1.48 trillion to US$907.1 billion, according to the latest Forbes Rich List of mainland Chinese tycoons.
This, the publication said, marks the biggest drop in wealth since Forbes began tracking China’s wealthiest more than two decades ago.
Topping the list once again is Zhong Shanshan, chairman of China’s top bottled-water supplier Nongfu Spring, despite his wealth falling 5% to US$62.3 billion. Forbes noted that Zhong could have fallen further if not for his “savvy investment” in COVID-test supplier Beijing Wantai Biological Pharmacy.
Of the 100 names on the list, only two grew richer in 2022 with 79 suffering wealth declines. There were also 12 former entrants returning to the list, three new entries and four with split fortunes.
Wealth fell in part on a tech crackdown, zero-COVID policies, slower economic growth, political worries after the Communist Party Congress in October, and the more than 12% fall in the value of the yuan against the US dollar in the past year, Forbes said.
“The past year has been one of China’s most difficult in recent decades, and overall wealth destruction among the top 100 on our list has been large by any measure,” said Russell Flannery, Forbes editor-at-large and editor of the China’s 100 Richest List.
“On the other hand, the list highlights the staying power of a number of China entrepreneurs in green technology-related areas such as EVs and solar, even though their shares on the whole have taken a hit in the past year.”
CHINA’S TOP 10 RICHEST:
| Rank | Name | Net worth (US$) | Industry |
| 1 | Zhong Shanshan | $62.3 billion | Food & Beverage |
| 2 | Zhang Yiming | $49.5 billion | Media & Entertainment |
| 3 | Robin Zeng | $28.9 billion | Automotive |
| 4 | Ma Huateng | $23.4 billion | Technology |
| 5 | Jack Ma | $20.6 billion | Technology |
| 6 | Wang Wei | $19.6 billion | Service |
| 7 | He Xiangjian & family | $18.8 billion | Manufacturing |
| 8 | William Lei Ding | $18.7 billion | Technology |
| 9 | Colin Zheng Huang | $18.6 billion | Technology |
| 10 | Qin Yinglin | $18.4 billion | Food & Beverage |
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