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Worth of 400 richest on mainland surges 35% in past year
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DESPITE mixed economic news in China, the super rich club on China's mainland boasts of a record high number of members this year, Forbes Magazine said in Shanghai today while releasing the 2013 Forbes China Rich List, a ranking of the top 400 wealthiest Chinese.
Based on calculations as of September 26, residents of China's mainland with personal assets of more than US$1 billion totaled 168, an increase of nearly 49 percent from last year's 113. The combined net worth of those on the list surged 35 percent to 3.5 tillion yuan (US$570 billion), which would average out to be 8.7 billion yuan each. For the top 100, the wealth growth was even faster, reaching a pace of 44 percent.
Though China's rapid increase in the worth of the wealthy seems a little out of sync with its mixed economic news, it is a reflection of the earning power of some sophisticated and resourceful entrepreneurs, and the money-spinning power of some hot industries like the Internet, automobiles, entertainment and real estate, said Russell Flannery, Shanghai bureau chief of Forbes Magazine.
On top of the list is property tycoon Wang Jianlin, chairman of Dalian Wanda Group, with 86 billion yuan. Last year's richest man, beverage king Zong Qinghou of Hangzhou Wahaha Group, comes second with 68.3 billion yuan. Robin Li, founder of Baidu, China's biggest search engine provider, ranks third with 67.7 billion yuan. The IT industry has also enriched Pony Ma of Tencent with 62.2 billion and Jack Ma of Alibaba with 43.4 billion yuan, both ranking within the top 10.
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