China's rich saw much of their capital shrink over the past year, the 14th Hurun rich list disclosed yesterday. But looking at the past decade, wealth still has boomed tremendously, adds Hurun founder Rupert Hoogewerf in Reuters.
An unfortunate 469 individuals on the list have seen their wealth shrink since last year, while 291 saw their wealth grow, 114 stayed the same and 150 people appeared on the list for the first time.
"Although this year has seen some significant wealth bloodletting, it is worth remembering that these entrepreneurs are still up 40 per cent on two years ago and almost 10 times 10 years ago," Mr Rupert Hoogewerf, founder and chairman of Hurun Report, said in a statement.
Beijing is home to the largest number of China's super rich with 123 of them, followed by Shanghai, Shenzhen, Hangzhou, in east China's Zhejiang province, and Guangzhou, in the southern province of Guangdong.
Mr Hoogewerf, a British accountant, began publishing the list in 1999. It draws from a broad range of sources, and the report concedes that "valuing the wealth of China's richest is as much an art as it is a science".
"We have missed some people, but we believe the Hurun Rich List is the most serious attempt to identify China's top entrepreneurs and to measure their holdings," the report said.More in Reuters.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.
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