Nongfu Spring’s Zhong Shanshan retains first place

    SINGAPORE (November 10, 2022) – The collective internet price of tycoons on Forbes’ 2022 listing of China’s 100 richest has fallen 39% to $907.1 billion from $1.48 trillion final yr, marking the largest decline in wealth from Forbes started monitoring the nation’s wealthiest greater than 20 years in the past. The total listing may be discovered right here and www.forbeschina.com. The listing can also be within the November challenge of Forbes Asia and the November-December challenge of Forbes China.

    Of the 100 names on the listing, 79 had been down, 12 had been returnees, 4 had break up fortunes, three had been new and solely two had been wealthier. Wealth has fallen partially resulting from a tech crackdown, zero Covid insurance policies, slower financial development, political worries after the Communist Celebration Congress in October and the greater than 12% drop within the worth of the yuan in opposition to the US greenback over the previous yr. Two key indicators have suffered heavy losses: Mainland China’s benchmark CSI 300 inventory index has misplaced greater than 1 / 4 of its worth for the reason that listing was final printed, whereas Hong Kong’s Dangle Seng index has did much less properly, plunging practically 41%.

    Russell Flannery, editor of Forbes and editor of China’s 100 richest folks listing, stated: “The previous yr has been one in every of China’s hardest in many years, and the general wealth destruction among the many high 100 on our listing was vital by any measure. However, the listing highlights the persistence of numerous Chinese language entrepreneurs in areas associated to inexperienced applied sciences comparable to electrical autos and photo voltaic, even when their shares total have taken a success. course of the previous yr.

    This yr, the primary place goes to Zhong Shanshan, president of the primary Chinese language provider of bottled water Nongfu Spring. Amid dramatic falls for a lot of, Zhong’s fortunes have fared comparatively properly, slipping simply 5% to $62.3 billion from $65.9 billion a yr in the past. Zhong has suffered lower than many others resulting from his shrewd funding in Covid testing supplier Beijing Wantai Organic Pharmacy and the availability of the lifesaving commodity of fresh water.

    Zhang Yiming, founding father of ByteDance, stays at quantity two on this yr’s listing with a fortune of $49.5 billion, down $9.9 billion from final yr. Robin Zeng, chairman of the world’s largest electrical car battery maker CATL, retains third place with a internet price of $28.9 billion, down 43% from $50.8 billion a yr. final.

    At No. 4 with 23.4 billion is Ma Huateng, CEO of Tencent, who noticed his fortune plunge by $25.7 billion from $49.1 billion a yr in the past. Alibaba founder Jack Ma (No. 5) noticed his internet price practically halve to $20.6 billion from $41.5 billion final yr.

    Wang Chuanfu (#11, $17.7 billion), chairman of Warren Buffett-backed automaker BYD, and non-executive director Lu Xiangyang (#18, $12.7 billion) secured two spots on the itemizing. The corporate overtook Tesla this yr because the world’s largest maker of electrical autos. Their internet price decreased by $5.8 million and $5.9 million respectively, in comparison with a yr in the past.

    Jin Baofang (#23, $10.4 billion), founder, chairman and chief govt of JA Photo voltaic Expertise was amongst solely two listed to see their wealth enhance. His wealth rose 16% from $8.95 billion final yr, as a result of increase within the international marketplace for photo voltaic power merchandise. Gao Jifan (#40) of Trina Photo voltaic additionally noticed his wealth enhance barely to $7.3 billion from $7.16 billion beforehand.

    Among the many three newcomers to this yr’s listing is Chris Xu, the founding father of on-line fast-fashion supplier Shein. Xu ranked No. 25 with a fortune of $10 billion following a brand new fundraiser. One other first-time billionaire is Xue Min (No. 64), majority shareholder of Shanghai United Imaging Healthcare, a supplier of medical imaging tools, with an estimated wealth of $5.25 billion. Zhang Hejun (#41, $7.2 billion) of Ningbo Deye Expertise can also be new to the listing.

    These linked to electronics and web companies didn’t fare properly both. Lei Jun (#37), CEO of the world’s third-largest smartphone model Xiaomi, noticed his fortune greater than halve from $17.9 billion to $7.6 billion amid sluggish international demand . Equally, the wealth of the chairman of e-commerce large JD.com, Richard Liu (No. 32), fell to $8.3 billion from $17.6 billion final yr.

    Actual property builders additionally had a troublesome yr. One of many greatest decliners on this yr’s listing is Nation Backyard co-chairman Yang Huiyan (#69), whose wealth has plummeted to $4.91 billion from $27.8 billion a yr in the past. one yr previous. Notable actual property sector dropouts embrace Kei Hoi Pang, chairman of property developer Logan Property Holdings, and Hui Ka Yan, chairman of struggling property developer China Evergrande Group.

    The minimal internet price wanted to make the highest 100 has fallen to $3.5 billion from $5.74 billion a yr in the past.

    The ten richest in China are:

    1. Zhong Shanshan; US$62.3 billion
    2. Zhang Yiming; $49.5 billion
    3. Robin Zeng; $28.9 billion
    4. Ma Huateng; $23.4 billion
    5. Jack Ma; $20.6 billion
    6. Wang Wei; $19.6 billion
    7. He Xiangjian; $18.8 billion
    8. William Ding; $18.7 billion
    9. Colin Huang; $18.6 billion
    10. Qin Yinglin; $18.4 billion

    This listing of the richest folks in mainland China was compiled from shareholding and monetary info obtained from households and people, inventory exchanges, analysts, non-public databases and others. sources. Internet price figures are primarily based on trade charges and inventory costs as of October 28. Non-public firms are valued utilizing monetary ratios and different comparisons with related publicly traded firms. Some household fortunes have been shared. To facilitate comparisons between folks with related backgrounds, numerous mainland Chinese language entrepreneurs whose citizenship is just not the Folks’s Republic of China however whose major supply of wealth is the mainland had been included.

    The total listing of China’s 100 richest folks may be seen at www.forbes.com/china and www.forbeschina.com.

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