Steep declines in China's stock and property markets took their toll on the richest 50, but the average wealth of the country's 800 richest people fell by only 8 per cent, according to Rupert Hoogewerf, compiler of the list.

He says China's rich are surviving the credit crunch in better shape than expected: China still has 101 US dollar billionaires, “only five fewer than last year”, and the Hurun list has been expanded from 800 to 1,000 people, all of whom must have $100m (€73m, ￡57m) to qualify. The first Hurun Rich List, in 1999, included only 50 people, with a cut-off of $6m.

Although the average personal wealth of the richest 50 Chinese fell to $2.4bn in 2008, down from $3.6bn the previous year, it remained more than 10 times the 2000 figure of just over $200m.