BEIJING: The number of ultra-wealthy individuals dipped in China this year, a report said Thursday, as the government seeks to rebalance the economy and tackle high levels of toxic debt.
“The only other years the list shrunk, and only very slightly, were in 2008 at the time of the global financial crisis and in 2002 after the tech bubble burst.” He was closely followed by Pony Ma, chairman and chief executive of Tencent, who has personal wealth of US$37 billion. With a younger generation of entrepreneurs making their way up the rankings, 39-year-old Colin Huang Zheng, of e-commerce site Pinduoduo, became the first self-made entrepreneur born in the 1980s to enter the top 10.
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