Latest News:  
Beijing   Cloudy/Overcast    24 / 15   City Forecast

Home>>China Society

The rich get richer, only more slowly

(Shanghai Daily)

08:18, September 09, 2011

The combined wealth of the 400 richest people on China's 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.

【1】 【2】


Leave your comment1 comments

  1. Name

Canada at 2011-09-0970.36.49.*
The optics are bad when the elderly & migrant workers are struggling to survive. I hope the CPC leaders are dedicated to improving the lives of the masses.

Selections for you

  1. A Mid-Autumn reunion in prison

  2. Scene of Sino-Russian border river emergency drill

  3. Egrets fight for food in Xinkai River estuary in Qinhuangdao

  4. Fine Art Asia 2011 to be held in HK

Most Popular


  1. Arms traders fumbled contact with Gaddafi
  2. More effort needed to "go global"
  3. Cross-border RMB settlement developing rapidly
  4. Chinese FDI wrongly seen as harbinger of doom
  5. The unlearnt lessons of 9/11 today
  6. Opinion: China's economy has landed, safely
  7. Success in Libya cannot pull Europe out of crisis
  8. New western colonialism emerges in Libya
  9. S. Korea turns tourist resort into naval base
  10. China committed to peace and growth

What's happening in China

Volunteers help Tibetan antelope hit the road

  1. Shanghai to build world's biggest expo center
  2. All 12 trapped miners confirmed dead
  3. School stole teachers' identities
  4. 27 children home after likely food poisoning
  5. China smash world porn website's branch

PD Online Data

  1. Water-Splashing Festival of Dai
  2. The Uyghur Muqam of Xinjiang
  3. Traditional Folk Long Song
  4. The Guqin and its Music
  5. Grand Songs of Dong