Almost half of Hong Kong’s tycoons lost a portion of their wealth over the past year as a result of China’s economic slowdown and a softening property market, according to the latest Forbes Rich List.
The new report found that 23 tycoons saw their wealth decline over the past year, as China’s economy grew last year at its slowest annual rate in nearly three decades against a backdrop of trade tension with the US.
Hong Kong’s cooling property market also impacted the wealth of tycoons, who have made their fortunes through property development in the city.
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