TOKYO -- New additions to China's 2024 rich list of individuals worth more than 5 billion yuan ($700 million) grew the slowest in 20 years as fundraising activity decelerated amid an economic slowdown, a Hurun Research Institute report released on Tuesday shows.
Only 54 new faces joined the list of 1,094 billionaires compiled by the Shanghai-based institute since 1999, based on the individuals' shareholdings in their listed entities as of Aug. 30. The number of individuals on the list, meanwhile, declined 12% from a year ago, and the wealth of 88% of them decreased or remained the same.
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