Fewer billionaires in mainland China as ultra-wealthy feel pain of Beijing’s tech, property crackdowns, study says

From 410 in 2020, there were just 400 billionaires last year in mainland China, a long way off the 975 in the US. Hong Kong was home to 114 billionaires last year, up 2.7% from 2020, placing it second among cities globally. — SCMP

The number of billionaires in mainland China slipped slightly last year as wealth creation in the world’s second largest economy was subdued by Beijing’s crackdown on the technology and property sectors, according to the latest study by New York-headquartered Wealth-X.

Hong Kong, which hosts the sixth-largest billionaire population in the world, ahead of countries such as Switzerland, Saudi Arabia and Singapore, experienced relatively slow wealth creation too, as it lost some of its shine as an international business hub, the wealth data provider said.