China’s top 50 richest people lost almost a third of their wealth in the past year, the first decline since 2002, according to Hurun’s 2008 China Rich List, published on Tuesday.

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.