Hong Kong (CNN Business) China's recent stock market turmoil has dealt a heavy blow to the ranks of its super-rich. The number of billionaires in Greater China, which includes Taiwan and Hong Kong, plunged by 161 in the past year, according to wealth research firm Hurun Report. Chinese fortunes were squeezed last year by a plunge of more than 25% in the country's stock markets and a slump in the country's currency, Hurun said Tuesday as it published its Global Rich ListChinese financial markets were rocked in 2018 by fears over the country's slowing economy and its damaging trade war with the United States. The number of Chinese billionaires fell from 819 to 658 in the year ended January 31, according to Hurun. Despite the big drop, the country is still home to more billionaires than the United States, which has 584, an increase of 13, according to Hurun.

Source: CNN February 27, 2019 07:52 UTC