The number of billionaires has fallen 35 per cent in China, and corporate leaders may be devaluing their wealth, amid fears the state is targeting the rich.
Last month, Colin Huang, founder of e-commerce powerhouse PDD, attracted the usual headlines when he rose to become China’s richest man.
But shortly after, PDD surprised investors with a downbeat profit forecast. Its stock plummeted. Huang lost $US14 billion ($20 billion) overnight and ceded the top spot to Zhong Shanshan, founder of beverage giant Nongfu Spring.
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Financial Times
Ruchir Sharma is a writer and investor, and the author of four books, including most recently "The 10 Rules of Successful Nations". He is chairman of Rockefeller International.
