Hurun names Wang richest man in China

The recent listings of Wang Jianlin’s real estate and cinema businesses pushed his personal fortune to $42.6 billion, making the 61-year-old Dalian Wanda Group chairman the richest man in China, according to Hurun Research Institute.

Wang Jianlin

Wang Jianlin

Hong Kong real estate mogul Li Ka-shing, 87, came in second with a personal fortune of $32.8 billion, according to the new rankings released Wednesday. Jack Ma, the 51-year-old chief executive of Alibaba Group Holding came in third with $27 billion.

Billionaires from the Chinese mainland accounted for 79.5% of the Hurun Global Chinese Rich List 2015, with just 6.3% from Hong Kong and 4.9% from Taiwan.

Hurun, which makes a list analogous to the Fortune 400, a list of the richest Americans, researched more than 18 countries and regions. The firm found 1,577 individuals with personal wealth in excess of 2 billion yuan ($312.6 million), yet just 302 lived outside the Chinese mainland. Total wealth of these individuals comes to a staggering $2.1 trillion, which is equivalent to the GDP of Russia, or 1.5 times that of South Korea.

“A decade ago, the most successful Chinese were those outside the Chinese mainland,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, according to China Daily “Today that has changed completely, with entrepreneurs like Wang Jianlin of Wanda charting a new path.”

The reports said there are 1,254 billionaires on the mainland, with total wealth of $1.4 trillion. The largest number, 181, reside in Beijing, followed by Shenzhen with 111.

Not surprising, considering there were very few rich people under communist rule, all the billionaires on the Chinese mainland are self-made while in the area of Hong Kong, Taiwan and Macao only 67% are self-made.

About half the non-mainland Chinese on the list have their origins in Guangdong and Fujian provinces. Billionaires with origins on the Chinese mainland are dominated by those from Zhejiang province.



Categories: Asia Unhedged, China

Tags: , ,