Number of billionaires in China falls to 427 following economic slowdown

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The story "Number of billionaires in China falls to 427 following economic slowdown" was covered 2 weeks ago by Business Standard, a news publisher based in India.

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Number of billionaires in China falls to 427 following economic slowdown - Business Standard

Quick Summary:

The total wealth of these billionaires decreased by 20 per cent to about USD 1.4 trillion highlighting the impact of economic slowdown on the world's second largest economy on the once flourishing private sector.

Plagued by the crisis in the property sector and turmoil in financial markets, the list of China's rich with assets of USD one billion shrank by 132 while 42 new billionaires were minted and three moved away, the UBS report said.

Many of the billionaires we have in China are relatively new in the context of total wealth, said Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management.