The number of billionaires in China has significantly decreased, going from 520 in the previous year to 427 in 2024, according to UBS.

Out of these, 132 individuals dropped off the billionaire list, while 42 new billionaires emerged and three relocated.

The total wealth of these billionaires has decreased by 20%, amounting to approximately US$1.4 trillion.

Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, pointed out that many Chinese billionaires are relatively new and often have wealth close to the US$1 billion mark. This proximity means that market corrections, particularly in the equity and real estate sectors, can result in a larger number of individuals falling below the billionaire threshold.

China's economy has faced challenges, including a troubled property market, a shrinking private sector, and cautious consumer spending, which have contributed to the dilution of global wealth rather than its growth.