China’s Rich Suffer Due to Economic Crisis
The latest version of the Forbes list of richest people in china shows that China’s super-rich are suffering financially due to the economic crisis.
The combined wealth of these Chinese billionaires has been more than halved due to the crisis, Forbes said in its report.
Shanghai-based agricultural feed tycoon Liu Yongxin tops the annual Chinese billionaires list with a mere three billion dollars.
Twenty individuals who were billionaires last year have dropped off the list, after seeing much of their wealth return to dust this last year.
Yang Huiyan, who topped the list last year, saw her wealth decrease by 14 billion dollars. She is now ranked third, with only 2.22 billion dollars left.
Liu, meanwhile, became the new leader this year. He became rich after ‘he and his three brothers used 120 dollars in savings to start raising quails and chickens’ back in 1982. They later split up the business, and are now China’s only billionaire family.
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