Slowdown hits nation’s most affluent Chinese

<p>China’s richest have been affected by the country’s economic slowdown.</p>

The economic slowdown in China has affected even the most affluent mainland residents.

According to the annual China Rich List from the luxury magazine publisher the Hurun Report, the number of billionaires has slipped and many very wealthy households saw their assets shrink this year.

The Chinese economy has slowed in recent years, with growth falling back to a three-year low of 7.6 per cent.

In the Hurun Report, it was revealed nearly half the 1,000 richest Chinese people and families have suffered a loss of wealth in 2012, while the number of dollar billionaires retreated by 20 to 251.

This is the first time in seven years the number of billionaires in the world's second-largest economy has retreated.

Beverage tycoon Zong Quinghou remains at the top of China's rich list, with the Wahaha Group founder's fortune totaling $12.6 billion (£7.7 billion).

At close this morning (September 25th), the Shanghai SSE Composite was 0.1 per cent lower to an index value of 2029.2 points.

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