Baidu boss tops list of mainland billionaires
By Lu Nengneng |
00:47 UTC+8 March 9, 2012
|
Print Edition
Print Edition
Chinese mainland billionaire club has fewer members this year after the bearish stock market led to a slump in their net worth, Forbes said yesterday.
Forty Chinese people fell off Forbes' global US dollar billionaire list this year, with 36 of them from the Chinese mainland. Forbes said 15 new mainland billionaires were added to make the current total 95.
In contrast, the number of billionaires around the world hit a record high of 1,226. Their combined wealth is up 2 percent from last year, with the average fortune US$3.7 billion.
The property sector took the brunt of the wealth decline on the mainland following government moves to cool the market. Forbes also blamed the drop on the Small and Medium Enterprise Board and the Growth Enterprise Market.
China's stock market plunged more than 21 percent last year and companies listed on the SME board and the GEM board experienced the steepest price correction, posting tepid gains this year due to their over-valuation.
The United States, which also experienced a stock market downturn, cemented its position as the world's biggest home to the super rich as its market has recovered quickly since the fourth quarter. It has 420 billionaires this year, up from 412 last year.
Robin Li, 43, founder and CEO of search engine giant Baidu, replaced heavy machinery mogul Liang Wengen, 55, founder of the Sany Group, as the richest mainlander this year on the Forbes list.
Forbes said Baidu had a relatively stable performance while the cooling construction market led to high volatility in China's heavy machinery sector.
Li rose nine positions to rank 86th with US$10.2 billion while Liang, second on the mainland, was 113th with US$8.1 billion.
Drinks tycoon Zong Qinghou, 67, who was named richest on the mainland by the Hurun Research Institute earlier this week, ranks third on the mainland and 146th globally with US$6.5 billion. The difference is because Hurun's list is a snapshot of February 24 while Forbes uses February 14 for its calculations.
Hong Kong-based real estate and ports magnate Li Ka-shing, 83, secured the title of China's richest person. Ranking 9th with US$25.5 billion, he reclaims the title of Asia's richest man for the first time since 2004, according to Forbes.
Mexican telecoms tycoon Carlos Slim tops the list for the third straight year with US$69 billion, followed by Microsoft founder Bill Gates (US$61 billion) and investing magnate Warren Buffett (US$44 billion).
Forty Chinese people fell off Forbes' global US dollar billionaire list this year, with 36 of them from the Chinese mainland. Forbes said 15 new mainland billionaires were added to make the current total 95.
In contrast, the number of billionaires around the world hit a record high of 1,226. Their combined wealth is up 2 percent from last year, with the average fortune US$3.7 billion.
The property sector took the brunt of the wealth decline on the mainland following government moves to cool the market. Forbes also blamed the drop on the Small and Medium Enterprise Board and the Growth Enterprise Market.
China's stock market plunged more than 21 percent last year and companies listed on the SME board and the GEM board experienced the steepest price correction, posting tepid gains this year due to their over-valuation.
The United States, which also experienced a stock market downturn, cemented its position as the world's biggest home to the super rich as its market has recovered quickly since the fourth quarter. It has 420 billionaires this year, up from 412 last year.
Robin Li, 43, founder and CEO of search engine giant Baidu, replaced heavy machinery mogul Liang Wengen, 55, founder of the Sany Group, as the richest mainlander this year on the Forbes list.
Forbes said Baidu had a relatively stable performance while the cooling construction market led to high volatility in China's heavy machinery sector.
Li rose nine positions to rank 86th with US$10.2 billion while Liang, second on the mainland, was 113th with US$8.1 billion.
Drinks tycoon Zong Qinghou, 67, who was named richest on the mainland by the Hurun Research Institute earlier this week, ranks third on the mainland and 146th globally with US$6.5 billion. The difference is because Hurun's list is a snapshot of February 24 while Forbes uses February 14 for its calculations.
Hong Kong-based real estate and ports magnate Li Ka-shing, 83, secured the title of China's richest person. Ranking 9th with US$25.5 billion, he reclaims the title of Asia's richest man for the first time since 2004, according to Forbes.
Mexican telecoms tycoon Carlos Slim tops the list for the third straight year with US$69 billion, followed by Microsoft founder Bill Gates (US$61 billion) and investing magnate Warren Buffett (US$44 billion).
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