China loses 229 billionaires she’s cracked down on super rich I’ll be happy telling you this for a while now China has been cracking down on its billionaires a faltering economy sliding stocks and are depreciating Yuan have hit the country super rich harder than ever and the results are out in the open
Now the whole Global rich list for 2023 is out take a look it says the world is down 269 billionaires and this has happened only twice in the last 10 years but China has suffered the biggest blow it has lost 229 of its billionaires which means 51 percent of Chinese Elite
Are no longer in the billionaire club their net worth has plummeted by 15 Alibaba group founder Jack mob dropped to the 52nd Place in the rich list he was ranked 30 for the previous year the country’s Yuan lost about 8 percent of its value against a surging dollar this
Was the biggest annual drop since 1994. and for China’s richest billionaires last year was the worst in decades and why is that because president Xi Jinping is his country’s own enemy the number one reason was his stringent covid-19 restriction the zero covet policy it throttled China’s economy
And as if that wasn’t enough the CCP tightened scrutiny on private Enterprises it launched a common Prosperity campaign Tech mobiles were urged to donate billions of dollars to philanthropy in China began its clam down on the tech sector in the year 2020 you see internet companies found themselves in regulatory crosshairs and
Groups high-profile public offering in Shanghai and Hong Kong were suspended Alibaba was handed a three seven billion dollar fine for monopolistic practices DD a leading ride healing company in China had its a b band why was that for suspected violation of cyber security laws it lost
More than 80 percent of its IPO value Methuen a major food delivery platform was targeted with an Anti-Trust probe it was fined more than 530. million dollars China used several reasons to restrict its Tech Giants activities to impose the fines but why did China crack down on its homegrown
Successful Tech firms well to push for what it calls common prosperity do you remember this Xi Jinping vowed to adjust excessive incomes of the Super Rich his move was supposed to reduce income disparity to narrow down the gap between the rich and the poor but it seems more about concentrating political
Power and ideological control while blaming the rich and famous for the country’s ills because Xi Jinping has targeted the entertainment sector as well entertainers and entrepreneurs have cult-like followings in the country and over the last few decades there wealth has grown exponentially celebrity fan clubs became networks of mass mobilization millions of members
Support their Idols online with clicks and money and of course it came under the ccp’s radar in fact China’s broadcast regulator limited Entertainer salaries cracked down on fandom culture and banned film stars with different political ideologies several actors refined others were banned and some disappeared altogether in China also
Appended one of its most lucrative sectors in the year 2021 it announced a sweeping ban on profit-based after-school tutoring it accused tutoring Institutes of causing unnecessary stress to young children but was that the real reason the industry was worth over 150 billion dollars in Regulators slammed it for
Being hijacked by the capital you see Western countries try to promote growth they create an environment in which the rich can flourish but that is not the case in China the country targets its own riches even at the expense of its economy China’s GDP expanded only three percent in 2022
It was one of its slowest growth in decades fell far below China’s official Target of 5.5 11 jinping’s anti-capitalist remarks have spooked billionaires their disappearances have become a common feat many are actively seeking to move out of the country altogether what would it spell for China’s economy we are now available in
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