News Snapshot:
Chinese tycoons suffered the biggest setback among the world’s US dollar-based billionaires as 160 of them slipped out of the ranking, outnumbering those from any other countries, according to a new list published by Hurun Report. They made up nearly half of the 337 drop-offs since the start of the year due to a combination of wealth-destroying events, according to the Hurun Global Rich List 2022 published on Thursday. The US and Russia lost 32 and 13 billionaires, respectively. “Covid-19 and the [long-drawn] US-China trade war contributed to” the shrinking list in the affected countries, said Rupert Hoogewerf, chairman and...
