The richest people in China lost billions in just one day, following a massive market sell-off which sent Hong Kong shares down to their 14-year lows on Monday, according to the Bloomberg Billionaires Index.The 13 wealthiest Chinese tycoons on Bloomberg's billionaires' list saw $12.7 billion of their wealth wiped-out, after President Xi Jinping's consolidation of power sparked fears about the recovery prospects for China's economy over Xi's top-down approach in economic management.The share prices of Chinese companies have been under pressure since 2021, due to sporadic COVID-19 lockdowns and regulatory crackdowns amid Beijing's push for "common prosperity" — a concept that the rich must share their wealth with the poor to create a more equal society."Investors are worried that President Xi will now have a greater say in policy direction, with the new top leadership team surrounded by his loyalists," wrote Yeap Jun Rong, a market strategist at IG, an online trading platform."This suggests that 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.""