China’s elite lost $530 billion in 2018

Trade tensions with the US gripped the Chinese economy during 2018, and as growth sputtered worldwide, China’s wealthy lost nearly $530 billion, likely because of a dip in the country’s stock market.

After seven years of increases in the number of high-net-worth individuals (HNWI), approximately 100,000 people fell from the global elite between 2017 and 2018, with the Asia-Pacific region hit the worst. Wealth among the rich in the Asia-Pacific region fell $1 trillion—from $21.6 trillion to $20.6 trillion—according to the 2019 World Wealth report from Capgemini, a French consulting firm.

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