The number of billionaires in China has dropped 36% in the past three years, according to research group Hurun.
The Spectator reported that many are fleeing to protect their wealth. Hurun Report chairman Rupert Hoogewerf blamed China's economy and stock markets.
"The number of individuals on the list was down by 12% in the past year to just under 1,100 individuals and 25% from the high point of 2021, when we managed to find 1,465 individuals with 5 billion (yuan)," he said in a statement.
"The old guard, represented by real estate developers, have given way to a new guard of tech, new energy, consumer electronics, especially smart phones, ecommerce, especially cross-border ecommerce, consumer products and healthcare."
Zhang Yiming, co-founder of TikTok's parent company, ByteDance, tops the list of China's billionaires, released Tuesday. His wealth reached $49.3 billion, followed by Zhong Shanshan, China's "bottled water king."
There are now 753 Chinese billionaires, down from a peak of 1,185 in 2021.
Many Chinese millionaires and billionaires are leaving the country in record numbers, according to Henley & Partners, an investment migration firm that keeps track of the numbers, The Spectator reported.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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