380 of the 500 richest billionaires in the world have witnessed an increase in their wealth since the start of the year, according to a list. In other words, over the past nine months, the net worths of 75% of the world’s billionaires have increased. And in fact, China has somewhat diluted that figure.
Of the 120 billionaires who have lost wealth since the beginning of the year, 42 are Chinese citizens. If you exclude Chinese billionaires, 82 percent of global billionaires have seen their wealth increase since January 1.
The Chinese government has essentially launched war on its billionaires as of 2021. (and celebrities). Roughly half of all Chinese billionaires have seen their fortunes dip in 2021. And not just by a few of hundred or a few million. Many Chinese fortunes have decreased this year by tens of billions.
Colin Huang has suffered the most losses of anyone in the earth in 2021.
Image courtesy of Imaginechina Limited and Alamy
PDD, which was established in 2015, has a few intriguing goods. Their primary offering links farmers and distributors. Say you cultivate mushrooms. PDD matches you up with both a buyer who is willing to pay the most for your crop AND a shipping company to deliver the crop to that buyer at the lowest price.
Another product allows consumers to gang up to order groceries, clothes, gadgets and kitchen items in bulk to negotiate deep discounts. Almost 800 million individuals transacted on PDD in 2020.
PDD is currently trading for $100 per share.
A general slowdown in e-commerce sales as consumers in China are no longer forced to stay at home and buy everything online owing to COVID-19 is another cause for the stock’s decline.
$30 Billion Wealth Drop
Colin had a net worth of $63 billion as of January 1, 2021. His net worth peaked at $75 billion when the stock was in the to $200 range in February.
Even considering the year-to-date figure, a $30 billion decline represents the biggest wealth loss on Earth in the previous year.
If Colin’s downturn stabilizes or if it is just beginning, it will be intriguing to watch.
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