Beijing’s crackdown on high-profile market sectors like tech is upending share prices and forcing a radical reranking of China’s really, really rich as the government changes its economic focus to embrace enterprises that promote wider prosperity.
Some billionaires even tumbled off the Hurun Global Rich List, which ranks the world’s wealthiest individuals even as it focuses on those in China, home to more billionaires than any other nation.
In late 2020, Chinese regulators launched a crackdown on the country’s tech giants in an effort to curb their influence and maintain control over assets such as big data that the government deemed critically important.
Authorities moved to enforce an antitrust measure that had been largely ignored and fined Alibaba, Jack Ma’s tech behemoth, a record $2.8 billion, according to the Lawfare blog.
Analysts say the shake-up among China’s richest goes beyond the impact of the crackdown, which included sectors such as real estate, internet, tech and education. The new rich list reveals how central government policies are elevating other sectors, such as new energy and hardware manufacturing.