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The number of billionaires in China fell by 36%. In the past year alone, and the collective wealth of the country’s richest people dropped 10%. 🎉 (www.ft.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

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[–] [email protected] 10 points 2 weeks ago (1 children)

Great to hear! Although the article author seems to be doing some atrocious statistics at the start: [emphasis mine]

Since hitting a peak of 1,185 in 2021, Hurun said the number of dollar billionaires had been reduced to 753, with the 36 per cent decline exceeding a 10 per cent fall in the renminbi’s value against the dollar over the same period. In the past year alone, the number of dollar billionaires in China declined by 16 per cent, when the renminbi depreciated only 2.5 per cent against the dollar.

There's no reason to expect a 10% decrease in currency value to cause a 10% decrease in billionaires.

The 41-year-old founder of the company [...] has for the first time become the nation’s richest person [...] despite his company being targeted by the US government.

lol. I expected the US should be good at making people poorer. Can't do anything right these days.....

[–] [email protected] 8 points 2 weeks ago

There’s no reason to expect a 10% decrease in currency value to cause a 10% decrease in billionaires.

lol yeah that's basically this