The latest list of China's 400 richest people compiled by Forbes magazine mirrors a world in financial turmoil.

The fortunes of the nation's richest have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong shares this year.

Their combined net worth dropped nearly 40 percent to $173 billion from $288 billion in 2007, and the top 40 richest lost $68 billion, or 57 percent, according to a report released by Forbes yesterday.