China’s Stock Market Slump: The Impact on Billionaires
China’s stock market downturn has hurt many people, and the country’s billionaires weren’t immune. Collectively, China’s richest have lost $195 billion in just one month. It’s hard to believe that just months ago, these same members of the Business Rich had a combined fortune of $565 billion. Here is the breakdown of the three biggest losses so far.
China’s richest man managed to become the world’s 10th richest man a mere month ago, beating out Amazon billionaire Jeff Bezos. Since then, he’s lost $6.5 billion after the share prices of his companies dropped.
It could be worse than Jianlin. What is $6.5 billion to the richest man in Asia? He’s still worth $32.3 billion. While that is a lot of money, Wang Wenyin took the biggest hit during this market fiasco with a whopping $7.3 billion loss. The cable and copper entrepreneur’s wealth looks a lot different now.
Ma is the chairman of e-commerce empire Alibaba. He saw an unfortunate $3.7 billion disappear this past month, making him a part of the top-three biggest “losers.” Perhaps when China’s stock market begins to thrive again, so will his winnings.