More than half of the 445 individuals who lost their billionaire status in the previous year were from China, according to the Hurun Global Rich List 2023. The report revealed that China's count of moguls with a minimum net worth of USD1bn decreased by 229. Global monetary tightening, Covid-19 disruptions, and Beijing's crackdown on major tech firms were cited as reasons for the decline in wealth. However, China also added 69 new billionaires to the list during the same period. Rupert Hoogewerf, the founder and chairman of the Hurun Report, noted that the world's number of billionaires decreased by 8%, while their total wealth fell by 10%. The list featured 3,112 individuals, down from 3,381 the previous year. China remained the largest source of the super-rich, with 969 billionaires as of January 16, 2023, ahead of the US with 691.
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