China’s richest getting poorer

CHINA’S super-rich have taken a hit this year, with the number of dollar billionaires in the country falling for the first time, according to the annual Hurun rich list.

The number of billionaires fell by 20 per cent to 251, while manufacturing has become the biggest source of wealth, as the government has moved to stem growth in property prices.

The finance and media industries also increased their showings in the Hurun index.

The list, which has been compiled every year since 1999, found that drinks tycoon Zong Qinghong was the country’s richest man, with a fortune of $12.6bn (£7.7bn).

The number of Chinese billionaires was just 15 in 2006.