Chinese tycoons’ fortunes shrivel as lockdowns and crackdowns bite

The wealth of China’s 100 richest people shrank by more than a third in 2022, as Beijing’s zero-Covid policy, faltering economic growth and a push for “common prosperity” dented valuations of top companies and ate into private wealth.

The fortunes of the country’s wealthiest tycoons fell 39 per cent to $907.1bn in 2022 from $1.48tn the year before, according to the

. It was the biggest decline since the…