Striking it rich: Chinese billionaires are booming

13:27, April 27, 2011      

Email | Print | Subscribe | Comments | Forum 

PEOPLE of Chinese origin have become the second largest group of billionaires behind the United States, Forbes China said yesterday.

Thanks to China's robust manufacturing and property investment, 213 billionaires of Chinese origin reported a combined fortune of US$566.9 billion, making up 12.6 percent of the wealth of 1,210 dollar billionaires in the world.

China's mainland is home to 115 billionaires, while Hong Kong has 35, and Taiwan 25. Almost all the billionaires in Malaysia, Thailand, Philippine, Singapore and Indonesia are of Chinese origin, the report said.

"A circle of wealthy Chinese people is taking shape. Wherever the billionaires are residing, their businesses are getting more and more related with the opening up and fast growing market on China's mainland," said Zhou Jiangong, chief editor of Forbes China. "The market and clients they serve are mainly Chinese too."

Manufacturing, property investment and financial services are three main drivers of individual wealth of people of Chinese origin, according to Forbes China.

But billionaires on China's mainland are more likely get rich through manufacturing, those in Hong Kong prefer real estate and financial investment, and the Taiwan billionaires thrive in the electronics industry, the report said.

Unlike Western billionaires, who are usually focused on a specific industry, billionaires of Chinese origin are more likely to be engaged in a variety of industries.

"The development of residential projects, hotels, commercial properties and the quick urbanization on China's mainland has provided a unprecedented feast of fortune," said Zhou.

Hong Kong is home to the three richest billionaires on the list - Li Kai-shing, Thomas and Raymond Kwok and family, and Lee Shau Kee, who have won a massive fortunes from the property market on China's mainland, the report said.

Li, chairman of Hutchison Whampoa and Cheung Kong Holdings, secured his position as the richest on the list after his wealth grew from US$21 billion to US$26 billion.

Robin Li, the richest person on China's mainland, built his fortune of US$9.4 billion through Baidu, China's popular search engine.

Liang Wengen, chairman of Sany Group, one of China's largest construction equipment manufacturers, became the second richest after the company's share price surged last year.

China's active initial public listing activities also bred new billionaires such as Shenzhen Hepalink Pharmaceutical Chairman Li Li and Rongsheng Petro Chemical Chairman Li Shuirong.

In Taiwan, couple Cher Wang and Wenchi Chen made a fortune from their HTC phone brand.

"The influence of billionaires of Chinese origin is generally smaller than the Western ones. Many of them are still local businessmen," said Liu Ruiming, executive chief editor of Forbes China.

The United States remains the biggest billionaire magnet on the planet, with 413.

Source: Shhanghai Daily
BRICS Leaders Meeting 2011
Japan in aftershocks
  Weekly review  
April 20   Beijing-Shanghai high-speed rail to remove luxury seats
April 18   China undergoing shift into nation of consumers
April 18   Zhejiang checks food, raids illegal bun makers
April 19   SASS: Chinese students mentally healthier than Asian peers
April 23   The week in pictures
April 19   Build legal bulwark against moral decline
April 21   'China model' 30 years on: from home to abroad
April 21   Piano student's bloody crime heart-wrenching in China
April 18   China places firmer lid on home prices
April 19   China puts brake on economic bullet train


  • Do you have anything to say?


Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • 'Experience China-Sichuan Week' opens with gala performance in Indian capital
  • Ecuador's Tungurahua Volcano spews ash
  • PLA Hong Kong Garrison to open to public on May 1-2
  • Spectacular solar halo appeared in Guizhou
  • Guizhou girl designs tea set for Prince William's wedding
  • PLA reserve force Type 07 uniform makes debut in Beijing
Hot Forum Dicussion