The number of billionaires in China declined in 2024 compared to the previous year, according to the UBS Billionaire Ambitions Report 2024. The drop is attributed to challenges in the country's property market and financial sector turbulence.

The number of billionaires in China declined in 2024 compared to the previous year, according to the UBS Billionaire Ambitions Report 2024. The drop is attributed to challenges in the country's property market and financial sector turbulence. The Swiss bank’s report, released on Thursday (Dec 5), revealed that the number of individuals in China with assets exceeding US$1 billion fell from 520 to 427. A total of 132 people dropped off the list, 42 new billionaires were added, and three relocated. Overall, the wealth of China’s billionaires decreased by 20 per cent, totalling approximately US$1.4 trillion. Also read: India, China hold diplomatic talks, 'positively affirm' progress on disengagement agreement “Many of the billionaires we have in China are relatively new in the context of total wealth,” said Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, as quoted by South China Morning Post. Compared to regions like the United States or Europe, where individual billionaires often possess significantly more wealth, many in China remain near the US$1 billion threshold, Cavalli added. “So whenever we see corrections in the market, be it the equity market, or the real estate market as we saw recently in China, you obviously have a larger number of billionaires, specifically in 2024, that dropped off the billionaire count, because they just moved below the billionaire mark and now only may be at US$800 million or US$900 million of wealth,” he explained. According to the UBS report, rather than contributing significantly to global wealth growth, China has been diluting it. From 2015 to 2020, the wealth of Chinese billionaires grew by more than 20 per cent annually but has since shrunk by five per cent per year due to stricter regulations and the “common prosperity” campaign. Chinese President Xi Jinping revived this campaign in 2021, which advocates for a fairer distribution of wealth and targets excesses in private sectors, including tech companies and education services. Countries that saw rise in billionaires While China saw a decrease in billionaires, in the United States, the number of billionaires rose from 751 to 835, with their combined wealth increasing by 27.6 per cent to US$5.8 trillion. India’s billionaire count climbed to 183 from 153, with total wealth rising by 42 per cent to US$905.6 billion. In Hong Kong, the number increased to 74 from 68. Rise in billionaire migration The report also stated that billionaire migration has risen since the COVID-19 pandemic, as many reassessed their lifestyles. Popular destinations for relocating billionaires include Switzerland, the UAE, Singapore, and the US. Over four years, billionaires with a combined wealth of over US$400 billion have moved, with the Middle East and Africa attracting the highest influx. (With inputs from agencies)

China sees sharp drop in billionaires: 93 fall off the list as wealth plunges 20% in 2024

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China sees sharp drop in billionaires: 93 fall off the list as wealth plunges 20% in 2024