The Waning Wealth: China's Billionaire Exodus

China saw a decline in its billionaire count to 427 in 2024 from 520 the previous year, attributed to an economic slowdown, as reported by UBS. Total billionaire wealth fell by 20% to $1.4 trillion. Factors include a property sector crisis, market turmoil, and regulatory crackdowns.

The number of billionaires in China has significantly decreased, dropping to 427 in 2024 from 520 in the previous year, according to a report released by Switzerland-based UBS.

This sharp decline coincides with a notable economic slowdown, which has seen the total wealth of Chinese billionaires plunge by 20%, reaching about USD 1.4 trillion and reflecting the broader impact of economic challenges faced by the world's second-largest economy. Among these challenges are ongoing issues in the property sector and instability in financial markets.

UBS highlighted that 132 of the billionaires fell off the list as 42 new billionaires emerged, but three relocated. Economic turbulence, coupled with strict regulatory measures, has contributed to this evolving financial landscape.

(With inputs from agencies.)