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Rich defy economic slowdown

By Shi Jing  (China Daily)

13:25, September 25, 2012

Wang Jianlin, 58, chairman and president of Dalian Wanda Group, saw his personal wealth soar 44 percent to $10.3 billion, giving him the second spot.

In early September, Wang shook up the entertainment industry with the $2.6 billion acquisition of the US' second-largest cinema chain, AMC Entertainment, but Wanda's core business remains its property arm, particularly its shopping malls, which last year had a turnover of $16 billion.

Meanwhile, Ma Huateng, 41, founder and chief executive officer of the Chinese Internet company Tencent Inc, is a new name to the top 10 list, coming in at seventh with a personal wealth of $6.5 billion.

Tencent is the largest company by market share in the list, with a market capital of $65 billion.

"China's rich have defied the global financial crisis with another record year of growth," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, who began publishing it in 1999.

However, 469 of the top 1,000 saw their wealth decrease, and of those, 37 shrank by over 50 percent, at a time when the Shanghai Stock Exchange index fell by 19 percent compared with Aug 15 last year.

The annual list shows 251 people were ranked as billionaires in China this year, down 20 from last year, but still a huge increase compared to as little as six years ago, when there were only 15.

The average wealth of the top 1,000 is down by 9 percent to $860 million, but still almost double that of 2008 when it was $439 million.

"There has been a lot of bloodletting. In this sense, the rich list is a little bit like the instant photograph of the state of the private sector," added Hoogewerf.

"There has been a lot of pressure on property prices. And we have major export problems as well.

"But if you stand back and look at the private sector, it is still up almost 40 percent compared to two years ago, and 10 times, compared to 10 years ago."

Solar, textiles and retail have been the hardest-hit sectors this year.

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