October 31, 2008

World Financial Crisis Hits Chinese Rich

The current global financial crisis has erased about 40 percent of the net worth of China's 400 richest people on the Forbes magazine list.

Their combined net worth dropped to $173 billion from $288 billion last year, China Daily reported, quoting the latest Forbes report.

The report said the net worth decline resulted from a 60 percent plunge in the shares traded on China's mainland stock exchanges and a 50 percent drop in Hong Kong-listed shares this year.

Among the 400, the top 40 richest lost $68 billion, or 57 percent, China Daily reported. The losses would have been higher without the Chinese yuan's 10 percent appreciation against the U.S. dollar.

China Daily reported the Hurun Rich List, released by Rupert Hoogewerf earlier their month, showed a similar trend. That list was quoted as saying the fortunes of the 20 richest Chinese fell about 50 percent on average this year for a total of about $19.3 billion.