As China's zero-Covid curbs and a property market crisis stall the world's second-largest economy, the wealth of China's billionaires this year dropped by the largest amount in more than two decades.
According to reports, the total wealth of all individuals with a minimum net worth of 5 billion yuan ($691 million) dropped by 18 percent to $3.5 trillion.
Property developer Yang Huiyan of Country Garden Holdings lost the most personal wealth at $15.7 billion this year, while Pony Ma, founder of tech and gaming giant Tencent, lost $14.6 billion after a sweeping crackdown on the gaming industry last year.
Not only this, Zhang Yiming, the founder of TikTok parent ByteDance, saw his wealth drop by 28 percent to $35 billion after the company's valuation dropped.
Alibaba founder Jack Ma also lost 29 percent of his wealth to $25.7 billion.