More than 400 people lost their billionaire status last year, most from China, as global monetary tightening, COVID-19 disruptions and Beijing’s crackdown on major tech companies hurt the super wealthy, a ranking of the world’s wealthiest showed.

Report informs via Reuters that China lost 229 billionaires from the Hurun Global Rich List 2023, accounting more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $1 billion.

The world’s second biggest economy also added 69 new billionaires to the list during the period.

“The number of billionaires in the world is down by 8%, whilst their total wealth dropped 10%,” said Rupert Hoogewerf, founder and chairman of the Hurun Report. A total of 3,112 people made the list, versus 3,381 a year earlier, he added.

China remained the biggest source of the super rich, with its total number of billionaires standing at 969 as of Jan. 16, 2023, ahead of the United States with 691.