Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, October 20, 2018 05:58:56 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

China's ultra wealthy buffeted as trade war bites

By
11th-Oct-2018       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Beijing :
China's ultra wealthy saw their ranks thinned this year as the trade war with the US pummelled stocks and shredded billions of dollars of paper wealth, a survey showed Wednesday.
The number of Chinese, or China-based magnates, with a net worth over 2 billion yuan ($290 million) fell by 237 to 1,893 individuals this year, according to the annual ranking compiled by Shanghai-based luxury magazine publisher Hurun Report.
More than half of the richest Chinese saw their wealth shrink or remain unchanged during the year, the survey showed, while a record number of individuals were knocked from the rankings.
A 20 percent drop in the stock exchange, "on the back of a slowing economy and the US-China trade war, resulted in 456 drop-offs this year, the highest since records began twenty years ago," said Hurun Report Chairman Rupert Hoogewerf.
Gone from the list are chemical industry magnate Zhu Shuangquan, lighting titan Zhang Yutao and electric components makers Zhong Xiaoping and wife Liu Qiuxiang, all of whom have seen their companies' share prices sink this year.
The manufacturing sector has been hit particularly hard by US President Donald Trump's tariffs on roughly half of China's imports - and the proportion of those with fortunes made in the sector fell to 26.1 percent from 27.9 percent last year.
While the world's second largest economy still boasts the most dollar billionaires of any country in the world, their ranks were thinned to 620 people, according to Hurun.
Alibaba's Jack Ma, on the other hand, saw his fortunes improve, retaking the mantle of China's richest from real estate mogul Xu Jiayin, who dropped to number two.
Ma's wealth shot up to $39 billion as his large stake in Ant Financial, operator of the world's largest money market fund and a mobile payment goliath, saw its valuation rise.
His endeavours also boosted the fortunes of 13 others who made the rich list on his coattails.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

European Union must challenge the undemocratic election process


THE European Union has decided not to deploy an election observation mission during the 11th parliamentary election in Bangladesh due by January 28 next year. This has been conveyed to the Election Commission in a diplomatic note. A copy of the note verbale was also handed over to the commission ...

Sports »

Los Angeles Dodgers' Austin Barnes hits an RBI single during the fifth inning of Game 5 of the National League Championship Series baseball game against the Milwaukee Brewers in Los Angeles on Wednesday.


Cricket »

Ten-wicket Abbas destroys Australia for Pakistan's series win


AFP, Abu Dhabi :Medium pacer Mohammad Abbas took his maiden ten-wicket haul in a match to fire Pakistan to a 373-run win over Australia in the second Test in Abu Dhabi on Friday.Abbas followed his 5-33 in the first innings with figures of 5-62 to wreck Australia for 164 after ...

Entertainment »

Aamir Khan`s smile in new poster of Thugs of Hindostan


Ever since the intriguing trailer of Aamir Khan, Amitabh Bachchan, Fatima Sana Shaikh and Katrina Kaif starrer Thugs of Hindostan has been unveiled, there is much excitement around the film. The film is one of the biggest releases of the year and will hit the silver screens on November 8. ...

City »

Bangladesh General Students` Parishad formed a human chain on Friday in front of the Jatiya Press Club demanding 35 years limit applying for govt job.


Business & Economy »

Mamun-Ur-Rashid, Managing Director of Standard Bank Limited poses for photo session with the participants of a two day-long training on "Self Leadership, Advanced Managerial Skills & 21st Century Managerial Mindset" organized by the Training Institute of the Bank. Alkona K. Choudhuri, SEVP and Head of Human Resources Division of SBL, Md. Saif Noman Khan, Asst Prof. of IBA, DU, Md. Zakaria, Principal and Md. Amzad Hossain Fakir, Faculty of SBL Training Institute were present on the occasion.


International »

Trump concedes Khashoggi likely dead, threatens consequences


AP, Washington :President Donald Trump acknowledged Thursday it "certainly looks" as though missing Saudi journalist Jamal Khashoggi is dead, and he threatened "very severe" consequences if the Saudis are found to have murdered him. His warning came as the administration toughened its response to a disappearance that has sparked global ...

International »

Russians ‘will go to heaven’ in event of nuclear war: Putin


AFP, Moscow :Russians will "go to heaven" as martyrs in the event of nuclear war because Moscow will only ever use nuclear weapons in retaliation, President Vladimir Putin said Thursday."We have no concept of a preemptive strike," Putin told a forum of international experts in the southern city of Sochi ...

Football »

Chairperson of the Women's Football Committee of Bangladesh Football Federation (BFF) Mahfuza Akter Kiron speaking at a press conference at the conference room in BFF House on Thursday.


Editorial »

Finally a big loan defaulter held: Others must be nabbed soon


AFTER letting many businessmen get away with loan defaults, the government has finally become stern towards loan default and loan scammers by arresting Chattogram-based SA Group's managing director. Also a director of Mercantile Bank, Sahabuddin Alam was arrested on Wednesday on at least five counts of loan irregularities. The irregularities ...

International »

US first lady`s plane lands safely after smoke filled cabin


Reuters, Philadelphia :U.S. President Donald Trump said his wife, first lady Melania Trump, was safe on Wednesday after a mechanical problem forced her airplane, which was headed for Philadelphia, to return to the Joint Base Andrews military facility in Maryland."They had a problem, but she's fine," Trump said in an ...

Entertainment »

Tale of a rock legend


Sheikh Arif Bulbon :Ayub Bachchu, mostly known as AB, is the legendary name in the history of Bangladeshi band music. He was born in Chattogram on August 16, 1962. With tremendous fan acceptance Ayub Bachchu is famous for his fabulous guitar playing. He has started his music career from his ...

City »

A view of the protest meeting organized by United Students Forum held at the Jatiya Press Club demanding release of BNP Chairperson Begum Khaleda Zia and stoppage of giving farcical judgement in fake cases against Tarek Rahman on Thursday. Among others, Senior leader Nazrul Islam Khan was present on the occasion.


Football »

Groeneveld scores as Netherlands draw 1-1 with Belgium


AP, Brussels :Arnaut Groeneveld celebrated his first start for the Netherlands by scoring a first-half equalizer Tuesday as the Dutch drew 1-1 with neighbor Belgium.The 21-year-old midfielder who plays for Belgium's Club Brugge rounded off a flowing Dutch move in the 27th minute, controlling the ball with his left foot ...

Football »

Brazil's Miranda silences Argentina with last-gasp winner


AFP, Jeddah :Brazil snatched a dramatic 1-0 win over Argentina with an injury-time header from Miranda in their friendly match in front of a sell-out crowd in Jeddah, Saudi Arabia on Tuesday.The Inter Milan centre-back was left all alone to thump in a 93rd-minute effort from Neymar's corner when the ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news