China's Economic Slump Wipes 155 Billionaires off Global Rich List

China has lost a total of 155 billionaires after slowing growth wiped off wealth, according to a new report. "China is down 155 billionaires but still world number one with 814," a Hurun Global Rich List 2024 report said on Tuesday. The Hurun Research Institute, a China-based research firm, unveiled the "Hurun Global Rich List 2024" on Tuesday, revealing major shifts in China's wealth landscape. Amid these developments, the economic slowdown in China has increased pressure on Chinese leader Xi Jinping to implement growth-reinvigorating measures. Despite these economic headwinds, China remains a titan in the billionaire count, boasting 814 billionaires even after losing 155, according to the Hurun Report. Notably, 40 percent of the billionaires featured in the Hurun Global Rich List from two years ago have since lost their billionaire status. The list further illustrates the fortunes of the world's billionaires and shows that despite economic uncertainties and market fluctuations in 2023, the wealth of the ultra-rich continues to grow.