China’s billionaire headcount drops for first time since 2012

The number of Chinese people with wealth of over 2 billion yuan ($287.2 million) declined for the first time since 2012 according to a report jointly published by China UnionPay, a major bank card services provider, and Hurun Research Institute on Wednesday.

The report, which studies billionaires' consumption habits using credit cards, reveals that 1,893 Chinese people have at least 2 billion yuan in 2018, an 11 percent decline from last year.

However, the number is still nearly double the 2013 level and more than quadruple the number from a decade ago, the report read.