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China's rich find their wealth erodes
By Lu Nengneng |
October 12, 2012, Friday
|
Online Edition
Online Edition
Ultra-rich Chinese on the mainland saw their wealth evaporate this year as China's economy faltered, though not as quickly as the country's stock market slumped, the Forbes Magazine said today.
Based on stock prices of September 21, the combined fortune of the top 100 people on the 2012 Forbes China Rich List has shrunk 7 percent to US$220 billion from last year.
Meanwhile, the Shanghai Composite Index, the benchmark of Shanghai Stock Exchange, tumbled nearly 20 percent while the Shenzhen Stock Exchange Component Index slumped more than 27 percent.
Many of the 400 people on the list have made their companies public. Due to market turbulence worldwide, the cut-off point to make the list fell 7.5 percent to US$4.7 billion.
Half of the top 10 have their companies listed on the Hong Kong Stock Exchange, whose Hang Seng Index has climbed 6.8 percent since Forbes published its 2011 China Rich List.
Beverage tycoon Zong Qinghou, 67, chairman and CEO of Hangzhou Wahaha Group, topped this year's list. He was ranked fifth last year. His net worth increased by US$3.5 billion to US$10 billion after he was found to own 80 percent, not 29 percent as previously reported, of Wahaha shares.
Robin Li, the 43-year-old founder and CEO of Baidu, an Internet search service provider, moved from No. 1 to No. 2 after Baidu's share price tumbled on the NASDAQ board in the US and his personal fortune shrank from US$10.2 billion to US$ 8.1 billion.
Not all billionaires in the IT industry are having a hard time. Pony Ma, 41, of online entertainment company Tencent, shot up from the 13th place to the fourth with a wealth of US$6.4 billion and Jack Ma, 48, of e-commerce giant Alibaba, surged from the 39th to the 11th place with US$3.4 billion.
"Some people on the rich list are losing wealth while others in the same industry are making more. That shows the uncertainty China's economy is facing when its expansion is slowing down," said Zhou Jiangong, chief editor of Forbes China.
With his personal fortune almost doubling to US$ 8 billion, property tycoon Wang Jianlin, 58, moved up from the 15th to the third place. His Dalian Wanda Group is building shopping malls across the country to capitalize on the commercial real estate boom after the government tightened control of home prices to curb speculation.
But the cooling of the real estate industry has dragged down the share price of Sany Heavy Machinery Co Ltd and sent its chairman Liang Wengen from last year's top spot to the sixth this year as his wealth dwindled from US$8.3 billion to US$5.9 billion.
Based on stock prices of September 21, the combined fortune of the top 100 people on the 2012 Forbes China Rich List has shrunk 7 percent to US$220 billion from last year.
Meanwhile, the Shanghai Composite Index, the benchmark of Shanghai Stock Exchange, tumbled nearly 20 percent while the Shenzhen Stock Exchange Component Index slumped more than 27 percent.
Many of the 400 people on the list have made their companies public. Due to market turbulence worldwide, the cut-off point to make the list fell 7.5 percent to US$4.7 billion.
Half of the top 10 have their companies listed on the Hong Kong Stock Exchange, whose Hang Seng Index has climbed 6.8 percent since Forbes published its 2011 China Rich List.
Beverage tycoon Zong Qinghou, 67, chairman and CEO of Hangzhou Wahaha Group, topped this year's list. He was ranked fifth last year. His net worth increased by US$3.5 billion to US$10 billion after he was found to own 80 percent, not 29 percent as previously reported, of Wahaha shares.
Robin Li, the 43-year-old founder and CEO of Baidu, an Internet search service provider, moved from No. 1 to No. 2 after Baidu's share price tumbled on the NASDAQ board in the US and his personal fortune shrank from US$10.2 billion to US$ 8.1 billion.
Not all billionaires in the IT industry are having a hard time. Pony Ma, 41, of online entertainment company Tencent, shot up from the 13th place to the fourth with a wealth of US$6.4 billion and Jack Ma, 48, of e-commerce giant Alibaba, surged from the 39th to the 11th place with US$3.4 billion.
"Some people on the rich list are losing wealth while others in the same industry are making more. That shows the uncertainty China's economy is facing when its expansion is slowing down," said Zhou Jiangong, chief editor of Forbes China.
With his personal fortune almost doubling to US$ 8 billion, property tycoon Wang Jianlin, 58, moved up from the 15th to the third place. His Dalian Wanda Group is building shopping malls across the country to capitalize on the commercial real estate boom after the government tightened control of home prices to curb speculation.
But the cooling of the real estate industry has dragged down the share price of Sany Heavy Machinery Co Ltd and sent its chairman Liang Wengen from last year's top spot to the sixth this year as his wealth dwindled from US$8.3 billion to US$5.9 billion.
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