In China, Billionaires Fall on Hard Times

Chinese wealth is suffering, according to an annual report that tracks it. The Hurun Rich List finds that, for the first time in seven years, the number of billionaires (in US dollars) in the country has fallen; it's now down by 20 people from last year, to a total of 251. (Consider, however, that in 2006 there were only 15.) Also, wealth decreased for almost half of China's 1,000 richest—and for 37% of them, it decreased by more than 50%, Financial Times reports. Average wealth for that group fell to $860 million, a drop of 9%.

China's economy has seen other signs of slowdown, including declines in the property and stock markets and a three-year low for GDP growth. But, the Hurun report chairman notes, "It is worth remembering that these entrepreneurs are still up 40% on two years ago and almost 10 times 10 years ago." The report also found that property no longer generates the most wealth, for the first time in the history of the list; now manufacturing has taken its place. (More China stories.)