A new 2018 Forbes China Rich List released on October 25, showed that some of China's richest entrepreneurs had their wealth shrink substantially over the past year, but also included new faces. According to the summary, more than 75 percent of the 400 richest Chinese people on last year's list saw their fortunes shrink, with 93 of them dropping out of the ranks this year. Of those who reappeared on this year's list, 229 saw their fortunes drop and nearly one third saw a decline of 20 percent or more. The Forbes Report attributed the shrinking fortunes to credit and trade worries, declining stocks and a weakening yuan. Cao Heping, Professor of Economics at Peking University, noted that the depreciation of the yuan against the US dollar might have been the chief reason that fortunes were valued lower this year and that the ranking could not provide a "comprehensive" picture of the Chinese economy. He told Global Times (October 25) "It's mostly the yuan's depreciation against the dollar that causes these people's assets to be valued much lower. This does not have much to do with the overall economic growth." Li Daxiao, Chief Economist at Shenzhen-based Yingda Securities said "The Forbes ranking does provide some insight into the trends in the Chinese economy, but it is inaccurate that the ranking shows China's economy is in serious trouble. If anything, the ranking shows a more mature economy with robust vitality." The 2018 Forbes China Rich List was dominated by internet and tech executives. Of the top 20, seven spots were held by internet billionaires, including the top two spots. Alibaba's Jack Ma Yun was ranked the richest Chinese man with a net worth of $34.6 billion, and Tencent Holdings' Pony Ma Huateng came in second with $32.8 billion. This year's list also saw 12 new tech executives, including Huang Zheng, founder of online shopping site Pinduoduo, who ranked in 12th place with a net worth of $11.25 billion. Some saw their wealth expand significantly, including CEO of smartphone-maker Xiaomi Lei Jun, whose net worth rose to $11.9 billion from $6.8 billion a year ago. Real estate tycoons, who had dominated the list for years, only accounted for 3 spots, led by Evergrande Group Chairman Xu Jiayin, who came in third with a net worth of $30.8 billion. Li Daxiao said "This is a display of the transition of the Chinese economy to a more high-tech focused one, and there are still so many opportunities in the high-tech and internet sectors that we expect there will be a whole lot more internet and tech billionaires."
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