Who wants to be a billionaire? More than 40 impoverished Chinese tycoons who have lost their platinum status thanks to the world’s financial turmoil.

As we have recently reported, some russian and Indian billionaires have been losing money since the beginning of the financial crisis, and, according to the Guardian, they are not alone !

There were 66 Chinese billionaires in 2007 but there are just 24 now due to the plunging Chinese stock market.

The combined worth of the country’s 400 richest people has plummeted by 40% to a mere $173 billion since last year, new research has shown, and the top 40 lost 57% of their wealth according to Forbes magazine.

« Property magnates dominated 2007’s list, but the sales have slumped this year, wiping out 98% of Cheung Chung Kiu’s fortune. Last year, the boss of developer CC Land, stood at number 26. Now he is outside the top 400. »

Those who lost their money are hopeful that the tide will turn and they will be back up again soon.

After all two years ago, there were only 15 Chinese billionaires.

Source Luxist / The Guardian