China's Richest 2018: Fortunes Fade Amid Trade Friction
This story is part of Forbes' coverage of China’s Richest 2018. See the full list here.
Tumbling stocks and a falling renminbi, amid credit and trade worries, knocked down the fortunes of China's richest. The net worths of more than three fourths of last year's top 400 fell, dropping 93 out of the ranks entirely. Of those who remained, 229 are less flush than a year ago, and nearly one third are off 20% or more.
The year's biggest loser in dollar terms was last year's No. 1, Hui Ka Yan, whose net worth fell by $11.7 billion or 28%. The real estate magnate slipped to No. 3, swapping places with Jack Ma, the charismatic chairman of internet heavyweight Alibaba. Ma, who is worth $34.6 billion, returns to No. 1 for the first time since 2014, despite having $4 billion less than a year ago. Tencent's Ma Huateng (also known as Pony Ma) holds onto the No. 2 spot despite a $6.2 billion drop. Wang Wei of S.F. Holding, known as the Fedex of China, was the second-biggest loser, down $7.4 billion or 33%.
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Another notable casualty of the equities selloff is Richard Liu, the founder of e-commerce outfit JD.com, whose investors include Tencent and Walmart. His net worth sank 34%. JD.com has lost half its value since its peak in January, and its shares have fallen by one fourth since the end of August, when Liu was arrested in Minnesota for alleged sexual misconduct. He was released the next day, hasn't been charged and is back in China. JD.com said the accusations were false.
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