The richest people in China lost billions in just one day, following a massive market sell-off which sent Hong Kong shares down to their 14-year lows on Monday, according to the Bloomberg Billionaires Index.
The 13 wealthiest Chinese tycoons on Bloomberg's billionaires' list saw $12.7 billion of their wealth wiped-out, after President Xi Jinping's consolidation of power sparked fears about the recovery prospects for China's economy over Xi's top-down approach in economic management.
Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, per Bloomberg. Ma's losses were largely due to losses in the share price of Hong Kong-listed Tencent, which closed 11% lower on Monday at 207 Hong Kong dollars, or $26.4.
Ma's fellow tech tycoons were also badly hit by Monday's plunge in stock prices. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong. Nasdaq and Hong Kong-listed JD.com fell 13% on both exchanges.
China's richest person — bottled water billionaire Zhong Shanshan, who is the chairman of Hong Kong-listed Nongfu Spring and a major shareholder of Shanghai listed pharma, Wantai — also saw his net worth fall $2.1 billion to $60 billion, after shares in both listed companies fell on Monday.
The share prices of Chinese companies have been under pressure since 2021, due to sporadic COVID-19 lockdowns and regulatory crackdowns amid Beijing's push for "common prosperity" — a concept that the rich must share their wealth with the poor to create a more equal society.
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