China has lost a total of 155 billionaires after slowing growth wiped off wealth, according to a new report.
“China is down 155 billionaires but still world number one with 814,” a Hurun Global Rich List 2024 report said on Tuesday.
The Hurun Research Institute, a China-based research firm, unveiled the “Hurun Global Rich List 2024” on Tuesday, revealing major shifts in China’s wealth landscape.
The revelation comes as China’s economy witnesses a systematic slowdown, with the growth cycle yet to rebound since the COVID-19 pandemic.
Amid these developments, the economic slowdown in China has increased pressure on Chinese leader Xi Jinping to implement growth-reinvigorating measures.
In February, China’s manufacturing sector exhibited signs of contraction, with the official Purchasing Managers’ Index (PMI) registering at 49.1, a slight dip from January’s 49.2, Newsweek reported earlier.
