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Chinese billionaires lost almost a third of their combined wealth in the past year as Asia’s mega rich experienced the biggest drop in their total net worth compared to anywhere else in the world, a new study shows.
The group saw their fortunes shrink by a whopping $160 billion from August 1, 2011 to July 31st this year, according to an annual study by wealth intelligence firm Wealth-X released Monday, largely due to the poor performance of its equity market with the benchmark Shanghai Composite Index (Shanghai Stock Exchange: .SSEC) falling 20 percent in that period.
“A key driver in their wealth diminishing was, in general, equities, which were down… so too were the valuations-and that makes a substantial part of their net worth,” Mykolas Rambus, CEO of Wealth-X told CNBC on Monday.
SOURCE: Yahoo
