Zong Qinghou of Wahaha tops 2010 China rich list

11:26, October 12, 2010      

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Top Ten of Hurun Rich List 2010

Name:Zong Qinghou & family
Wealth:12 USD billion

The average wealth of the 1,000 richest people in China grew 64 percent over the past two years, according to the Hurun Rich List 2010, the annual ranking of the richest individuals in China released by the Hurun Research Institute on Oct. 12.

The richest Chinese have seen their fortunes continue to grow quickly. The average wealth of the Hurun 1,000 grew 26 percent in the past year.

There are 1,363 individuals with 1 billion Chinese yuan, which is equal to 150 million U.S. dollars, up from 1,000 last year and only 24 ten years ago. There are 189 billionaires in U.S. dollars, suggesting that China today has more billionaires than anywhere else in the world, surpassing even the United States.

65-year-old Zong Qinghou of Wahaha is the richest man in China with a personal fortune of 12 billion U.S. dollars. Zong has grown Wahaha into China's dominant drinks business with expected profits this year of 1.5 billion U.S. dollars and 30,000 employees. Together with his wife and daughter, he owns 60 percent of Wahaha. Zong has jumped up from 12th place in last year's list.

Li Li and family caused a sensation when Hepalink went public in May, catapulting him straight into second place on the list with a personal fortune of 6 billion U.S. dollars. This is the first time a pharmaceutical tycoon has made it into the top five of the Hurun Rich List.

Wang Chuanfu, 44, who was last year's No. 1, has seen his wealth drop 10 percent, pushing him down to 12th with 4.6 billion U.S. dollars. BYD, which Wang founded, is expected to sell 600,000 cars this year — down from its original forecast of 800,000 units.

This year there are only two pure property tycoons in the top 10 compared to six last year.

Four new faces made the top five this year, and they are led by Zong Qinghou and Li Li.

The list also reveals that 11 Chinese make up the 20 richest self-made women in the world.

29-year-old basketball player Yao Ming is the youngest self-made individual on the list.

By Huang Beibei, People's Daily Online

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