Hong Kong’s old-money families are feeling the brunt of China’s recession. Four of Hong Kong’s five dynasties, which rank among the 20 richest Asian clans, have seen their fortunes decline in the past year. bloomberg, Families – many of whom have the bulk of their wealth in real estate – face both a decline in the city’s stock market and the risks of a continuing property crisis in China.
China disappears
There was not a single Chinese business family in Bloomberg’s list of the top 20 Asian richest clans this year. This was mainly due to the decline in stock market assets in the country. Keep in mind, this list doesn’t include first-generation wealth creators jack ma And Gautam Adani, It also does not include the property of single heirs
More than a quarter of Asia’s 20 richest clans are Indians
Six of the 20 richest families in Asia are from India. This divergence is a sign of how the concentration of wealth and power in Asia is changing as China’s growth slows.
Ambani’s wealth, Reliance’s market cap at record high
The wealth of the Ambani family ($103 billion) and RIL stock have both hit record highs in recent weeks, with the six Indian houses worth $219 billion combined, accounting for 41% of the total wealth of Asia’s top 20. The rise in the stock market has also given a boost to Mistry and Jindal. ,Birla and Bajaj Bhagya
Hong Kong’s bourses have seen their flagship company fall to 20-year low
One of the major losers in this shift is Hong Kong’s Cheng, whose $24 billion fortune grew from a single jewelery shop a century ago. Cheng’s wealth is down $2.4 billion from last year, the first decline since Bloomberg began tracking. Data in 2019 (Cheng was the patron of Yu-Tung Group)
China disappears
There was not a single Chinese business family in Bloomberg’s list of the top 20 Asian richest clans this year. This was mainly due to the decline in stock market assets in the country. Keep in mind, this list doesn’t include first-generation wealth creators jack ma And Gautam Adani, It also does not include the property of single heirs
More than a quarter of Asia’s 20 richest clans are Indians
Six of the 20 richest families in Asia are from India. This divergence is a sign of how the concentration of wealth and power in Asia is changing as China’s growth slows.
Ambani’s wealth, Reliance’s market cap at record high
The wealth of the Ambani family ($103 billion) and RIL stock have both hit record highs in recent weeks, with the six Indian houses worth $219 billion combined, accounting for 41% of the total wealth of Asia’s top 20. The rise in the stock market has also given a boost to Mistry and Jindal. ,Birla and Bajaj Bhagya
Hong Kong’s bourses have seen their flagship company fall to 20-year low
One of the major losers in this shift is Hong Kong’s Cheng, whose $24 billion fortune grew from a single jewelery shop a century ago. Cheng’s wealth is down $2.4 billion from last year, the first decline since Bloomberg began tracking. Data in 2019 (Cheng was the patron of Yu-Tung Group)
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