A Big Drop In Chinese Billionaires
As my colleague Jared Paul Stern recently reported, some Russian billionaires have been been losing money hand over fist the last few months. And they are not alone. The Guardian has a piece on the falling numbers of Chinese billionaires. There were 66 Chinese billionaires in 2007 but there are just 24 now due to the plunging Chinese stock market. The combined worth of the country's 400 richest people is down 40% and the top 40 lost 57% of their wealth according to Forbes magazine. Those who lost their money are hopeful that the tide will turn and they will be back up again soon. After all two years ago, there were only 15 Chinese billionaires.