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The rich get richer, only more slowly
By Lu Nengneng and Feng Jianmin |
00:00 UTC+8 September 9, 2011
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Print Edition
Print Edition
THE combined wealth of the 400 richest people on Chinese mainland is growing more slowly this year as a result of China's tighter monetary measures and global financial turmoil, Forbes China said yesterday.
The fortunes of the wealthy had risen to a total of US$459 billion by August 19, up 8 percent from last year - 4 percent if counted in yuan - according to the 2011 Forbes China Rich List.
The rate of growth was much lower than last year's 31 percent, counted in yuan, and China's targeted gross domestic product growth of 8 percent this year.
Russell Flannery, Shanghai bureau chief of Forbes Global, said: "The tightening monetary policies, the price spike in materials, the yuan appreciation and volatile financial markets have made the business environment more challenging for private companies."
China's construction boom pushed Liang Wengen, founder and chairman of construction equipment maker Sany Heavy Industry, to the top of the list with a personal fortune of 59.5 billion yuan (US$9.3 billion).
Liang has taken the top spot from Zong Qinghou, of drink maker Wahaha, who is fifth this year with 41.6 billion yuan. Liang was also named the richest by the Hurun Research Institute the day before yesterday, though with a differently calculated fortune of 70 billion yuan.
Other than Liang, another six Sany executives have hit the chart, including three billionaires in the top 100, making the company the biggest home to those on the list.
Forbes named a record 146 dollar-billionaires on Chinese mainland this year, up from 128 last year and 79 in 2009. The youngest, 29-year-old Yang Huiyan, of property developer Country Garden, ranks 11th.
However, a growing number of China's rich are trying to avoid publicising their wealth, Forbes said, reflecting fears of official scrutiny after several billionaires have ended up in jail.
More of the newly rich than in recent years asked to be left out of the rich list, according to Flannery, and "there is a lot of concern in China about the wealth gap."
At least 29 individuals on the list between 1994 and 2008 have been imprisoned. Among them was Huang Guangyu, founder of Gome Electrical Appliance and the richest person in 2006, who was jailed in 2008 for insider trading.
Zhou Zhenyi, a former Shanghai property tycoon, was sentenced to 16 years in 2007 for offering bribes.
The Forbes list this year is based on August 19 stock and currency prices, while Hurun's list is a snapshot of August 15.
The fortunes of the wealthy had risen to a total of US$459 billion by August 19, up 8 percent from last year - 4 percent if counted in yuan - according to the 2011 Forbes China Rich List.
The rate of growth was much lower than last year's 31 percent, counted in yuan, and China's targeted gross domestic product growth of 8 percent this year.
Russell Flannery, Shanghai bureau chief of Forbes Global, said: "The tightening monetary policies, the price spike in materials, the yuan appreciation and volatile financial markets have made the business environment more challenging for private companies."
China's construction boom pushed Liang Wengen, founder and chairman of construction equipment maker Sany Heavy Industry, to the top of the list with a personal fortune of 59.5 billion yuan (US$9.3 billion).
Liang has taken the top spot from Zong Qinghou, of drink maker Wahaha, who is fifth this year with 41.6 billion yuan. Liang was also named the richest by the Hurun Research Institute the day before yesterday, though with a differently calculated fortune of 70 billion yuan.
Other than Liang, another six Sany executives have hit the chart, including three billionaires in the top 100, making the company the biggest home to those on the list.
Forbes named a record 146 dollar-billionaires on Chinese mainland this year, up from 128 last year and 79 in 2009. The youngest, 29-year-old Yang Huiyan, of property developer Country Garden, ranks 11th.
However, a growing number of China's rich are trying to avoid publicising their wealth, Forbes said, reflecting fears of official scrutiny after several billionaires have ended up in jail.
More of the newly rich than in recent years asked to be left out of the rich list, according to Flannery, and "there is a lot of concern in China about the wealth gap."
At least 29 individuals on the list between 1994 and 2008 have been imprisoned. Among them was Huang Guangyu, founder of Gome Electrical Appliance and the richest person in 2006, who was jailed in 2008 for insider trading.
Zhou Zhenyi, a former Shanghai property tycoon, was sentenced to 16 years in 2007 for offering bribes.
The Forbes list this year is based on August 19 stock and currency prices, while Hurun's list is a snapshot of August 15.
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