China’s Economic Woes Reflected in Global Wealth Rankings Drop

The total wealth of China’s billionaires decreased from $16.7 trillion last year to $13.3 trillion this year.

An aerial photo shows deserted villas in a suburb of Shenyang in China's northeastern Liaoning Province, on March 31, 2023. Jade Gao/AFP via Getty Images

The World’s Wealthiest Cities Report 2024, released in May, showed that six Chinese cities among the top 50 globally have dropped an average of two places compared to last year, signaling a decline in overall wealth. The Hurun Global Rich List 2024 also revealed a declining trend among China’s wealthiest citizens.

On May 7, investment migration firm Henley & Partners and wealth intelligence firm New World Wealth released the Global Wealthiest Cities Report. New York City topped the list, followed by San Francisco, Tokyo, and Singapore. Hong Kong was in ninth position and Beijing in tenth.