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Electric car boss tops China's rich list

ELECTRIC car tycoon Wang Chuanfu tops the latest mainland rich list by Forbes China, after Hurun's rich list was released a month ago.

The combined wealth of China's 40 richest individuals doubled to US$106 billion this year from US$52 billion, thanks to buoyant Chinese stock markets, which has rebounded more than 50 percent over the past year, Forbes China Rich List said today.

Wang, the 43-year-old chairman of electric car and battery maker BYD Co, saw his wealth jump nearly six-fold after the stock price rose dramatically when United States billionaire Warren Buffett bought into the company.

Eighteen individuals out of the top 40 deal in property, accounting for 45 percent of the list. That compared with none among the 40 richest Americans.

"The number of property tycoons is astonishingly high. This may because the US and China are at different stage in the process of urbanization," said Zhou Jiangong, editor-in-chief of Forbes China.

Meanwhile, China lags in the development of the retail and service industry, which is the second-biggest contributor to rich Americans. In comparison, only seven of the richest 40 in China are related to retail.

Total assets of China's 400 richest people topped US$314 billion, one-fourth of the States' richest 400 individuals. Wang would rank 40th on the US rich list.


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