China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term

The richest people in China lost billions of dollars in a single day.

The 13 wealthiest Chinese tycoons on the billionaires' list saw their wealth wiped out due to fears about the recovery prospects for China's economy.

Pony Ma was the biggest loser in the market plunge, as his net worth plummeted by over $2 billion. Ma's losses were mostly due to losses in the share price of Hong Kong-listed Tencent, which closed 10% lower on Monday at 207 Hong Kong dollars.

Monday's plunge in stock prices was bad news for Ma's fellow tech moguls. Jack Ma's net worth fell from $29 billion to $29 billion, while RichardLiu's net worth fell from $9 billion to $9 billion. The shares of the Chinese company fell on both sides of the ocean. Both exchanges saw a decrease in the number of people on them.

The net worth of China's richest person, who is the chairman of Hong Kong-listed Nongfu Spring and a major shareholder of Wantai, fell after the companies' shares fell.

Beijing's push for "common prosperity", a concept that the rich must share their wealth with the poor, has caused the share prices of Chinese companies to fall.

They are coming under more pressure now that they have lost their core leadership team to loyalists. Analysts said this could mean a tighter grip on the economy.

With the new top leadership team surrounded by his loyalists, investors are worried that President XI will have a greater say in policy direction. We may be expecting more of a status-quo in economic policies, which means further anchoring down of China's zero- Covid stance and further steps towards the 'common prosperity' agenda.

At midday on Tuesday, the Hang Seng index was 0.9% higher. The index rose to 2,999.55.