Forbes rich list: Financial turmoil hits China's super-wealthy
The credit crunch and financial crisis have more than halved the combined wealth of China's richest people, Forbes magazine said Thursday as it released its annual Chinese billionaires list.
The ranking illustrates how fortunes have risen and fallen over the past tumultuous year as the net worth of mainland China's 40 richest people fell 57 percent to 52 billion dollars from 120 billion dollars, Forbes Asia said.
Coming out on top was Shanghai-based agricultural feed tycoon Liu Yongxin with a net worth of three billion dollars while 20 billionaires including paper recycling queen Yan Cheung, who was once ranked as China's richest person, have dropped off the list entirely.
Cheung's company, Nine Dragons Paper, has lost 95 percent of its peak value and her net worth is now estimated at 295 million, the magazine said.
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