Billionaire list shows $1T hit from '18 market meltdown

The stock market meltdowns in 2018 obliterated USD 1 trillion of the fortunes of the world's richest individuals, according to a list by wealth compiler Hurun Report. The report, China's version of the Forbes rich list, showed Chinese billionaires still outnumbered those from any other country as of January 31, at 658. Several newly minted ones amassed wealth through big share offerings, while 212 Chinese tycoons lost their dollar billionaire status. The US had 584 billionaires, followed by Germany with 117. The biggest gains in wealth last year came in the areas of technology, media and telecoms, followed by real estate and other investments, manufacturing and retailing. The wealthiest Chinese was e-commerce giant Alibaba's founder Jack Ma, the world's 22nd most wealthy person, with USD 39 billion. But Pony Ma Huateng of Internet giant Tencent Holdings, with USD 38 billion and Xu Jiayin of property developer Evergrande, with USD 37 billion, were close behind. Though Chinese and other

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