829 Chinese billionaires reduced to 814 due to government's "common prosperity" initiative.
China's wealthiest individuals, including Colin Huang and Shanshan Zhong, are facing significant losses due to the government's "common prosperity" initiative, which aims to reduce wealth inequality. The number of billionaires has dropped from 829 to 814 amid economic challenges and increased scrutiny. Many high-profile billionaires have left the country, while those in favored high-tech sectors continue to thrive. The shift reflects a changing perception of wealth in China under President Xi Jinping.
September 30, 2024
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