# Wealth Of China’s 100 Richest On Forbes List Plunges 39%

> The wealth of China's 100 richest people on the Forbes list fell 39%, with 79 individuals losing value. Declines were attributed to a tech crackdown, zero-COVID policies, slower growth, and a more than 12% fall in the yuan against the dollar over the past year.

- Date: 2022-11-10 · published 2022-11-10T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/8210-wealth-of-china-s-100-richest-on-forbes-list-plunges-39
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The sharp drop in private wealth reflects weak Chinese domestic confidence and a weaker yuan, which together dampen the outlook for consumer-driven demand for animal protein.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-12-28 | [China's yuan rises on US dollar weakness, on track for best year since 2008 - Times of News](https://feedsoft.ai/events/67709-china-s-yuan-rises-on-us-dollar-weakness-on-track-for-best-year-since-2008.md) | -1.0% | -3.6% |
| USDCNY | 2022-06-10 | [China's renminbi will likely remain weak for the rest of 2022 \| Oxford Economics](https://feedsoft.ai/events/41170-china-s-renminbi-will-likely-remain-weak-for-the-rest-of-2022-oxford-economics.md) | +0.2% | +0.4% |
| USDCNY | 2025-06-27 | [China's yuan inches lower on weak industrial profit data](https://feedsoft.ai/events/24428-china-s-yuan-inches-lower-on-weak-industrial-profit-data.md) | +0.0% | +0.0% |
| USDCNY | 2021-03-26 | [China yuan firms but poised for 6th week of losses on dollar strength, China-West tensions](https://feedsoft.ai/events/48333-china-yuan-firms-but-poised-for-6th-week-of-losses-on-dollar-strength-china.md) | +0.3% | -0.8% |
| USDCNY | 2021-07-26 | [Yuan nears 1-week low, eyes on China's Politburo, U.S. Fed \| Reuters](https://feedsoft.ai/events/46284-yuan-nears-1-week-low-eyes-on-china-s-politburo-u-s-fed-reuters.md) | -0.3% | +0.3% |

## Sources

- forbes.com: https://www.forbes.com/sites/forbespr/2022/11/09/wealth-of-chinas-100-richest-on-forbes-list-plunges-39/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.