China’s billionaires pay the price for Xi Jinping’s Covid crackdown

China’s population of super-rich fell more than 14 per cent last year as President Xi Jinping’s zero-Covid policy, regulatory crackdowns and a property collapse took their toll on the nation’s large fortunes.

The number of billionaires in China fell by 164 to 969 compared with a decline of 25 to 691 in the US, according to the 2023 M3M Hurun Global Rich List after depreciating currencies and falling stocks battered the wealthy across the globe.