Volatile equity markets and property cooling measures stripped fifty-five Asia-Pacific billionaires of their status last year, including 36 Chinese and nine Indians, according to Forbes.

Although new member numbers were up by 38, the region’s billionaire pool was down by 17 overall.

Asia now has 315 billionaires, which still puts it ahead of Europe. Forty-five percent of the region’s names hail from China and India, accounting for 41 per cent of the wealth. Greater China continues to be the biggest source of new members. Of the 38 additions in Asia, 15 are from the mainland and five from Hong Kong.

Among the fallen are Indian property baron Ramesh Chandra of Unitech and Chinese developers Qi Jinxing of Hangzhou Binjiang and Hopson’s Chu Mang Yee, whose shares dived amid efforts to cool the property market in Hong Kong and mainland China, said the report.