Highlights

  • China clamped down on e-commerce, auto, tech to education 
  • Top 3 Chinese billionaires lost $60 billion this year
  • Of the 10 billionaires with the biggest net worth declines this year, six are from China

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Billionaires in the Mainland lost over $100 billion in just the first 9 months of this year.

China's crackdown has bled the billionaires in the Mainland with a total loss of over $100 billion in just the first 9 months of this year. China has clamped down on industries across the board, from e-commerce, auto, tech to education and it's showing up as a sea of red on the Bloomberg's Billionaire Index. Of the 10 billionaires with the biggest net worth declines this year, six are from China.

Here are the top 3 'winners' in the riches to 'rags' list for the year from the Mainland

1. Meet Colin Huang, he has lost over $27,000,000,000 this year. That is equal to the entire marketcap of India's largest auto maker Maruti. Colin Huang is the founder of Pinduoduo, the fastest growing big e-commerce operator in China.

As the Chinese government takes on a hard stance on tech and peers like Alibaba, Huang faced the worst ever drop in the Billionaire's Index. But even with the crash the e-commerce king in China is still worth $35.5 bn and ranked the 38th richest man on the planet. 

2. Bottled water billionaire Zhong Shanshan also is facing a falling bank account. Even with $16 billion loss in wealth this year, Zhong remains the richest man in China with global rank of 19 and total fortune of over $64 billion dollars. That's enought to buy 11 lakh kilos of gold! 

3. Hui Ka Yan chairman and largest shareholder of China Evergrande Group has made global news as the real estate major sparked fears of defaulting on $300 billion worth of debt. Losing 68% of his wealth which amounts to a $ 15.8 billion drop as of September 19, many expect the hit to continue. Yan currently worth $7 billion has faced a drop of $33 billion from his peak wealth in 2017.

As per bloomberg the eccentric billionaire fines staff $3,281 for not answering his call after three rings.

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