Wanda’s Wang keeps top spot on China’s rich­est list

China Daily (USA) - - FRONT PAGE - By CHINA DAILY and REUTERS Jiang Xueqing and Wang Zhuoqiong con­trib­uted to this story.

Prop­erty ty­coon Wang Jian­lin topped the rank­ing of China’s rich­est peo­ple for a third con­sec­u­tive year, de­fend­ing his spot against those with ex­pe­ri­ence, like Jack Ma, founder of e-com­merce gi­ant Alibaba Group, and new­com­ers such as Yao Zhenhua, chair­man of the fi­nan­cial con­glom­er­ate Bao­neng Group.

The 62-year-old Wang, chair­man of Dalian Wanda Group, and his fam­ily col­lected wealth to­tal­ing 215 bil­lion yuan ($32 bil­lion), fol­lowed by Ma, 52, whose fam­ily wealth surged by 41 per­cent from a year ear­lier to 205 bil­lion yuan, ac­cord­ing to the an­nual Hu­run Rich List.

Sev­eral dark horses made the list in spite of lit­tle change at the top. Among them, the most im­pres­sive was the 46-year-old Yao, whose for­tune in­creased to 115 bil­lion yuan — nine times the amount of the pre­vi­ous year. Yao made head­lines this year with a hos­tile takeover bat­tle for lead­ing real es­tate de­vel­oper China Vanke Co.

Hu­run Chair­man Ru­pert Hoogew­erf said Yao’s fi­nan­cial in­vest­ment model rep­re­sents a new wave of “wealth cre­ation” in China, ac­cord­ing to me­dia re­ports.

“The first money made in China 20 years ago came from trad­ing, fol­lowed by man­u­fac­tur­ing, real es­tate and IT,” he said. “To­day it is about us­ing the cap­i­tal mar­kets for fi­nan­cial in­vest­ments.”

A grow­ing num­ber of young en­trepreneurs joined the list this year. Among the to­tal of 2,056 rich­est peo­ple, 68 were born in the 1980s or later, ris­ing from 56 last year. Of the young rich, 21 are self-made and mainly from the in­for­ma­tion tech­nol­ogy in­dus­try.

Last year, one new Asian en­tre­pre­neur joined the bil­lion­aire ranks ev­ery three days, thanks to China’s ac­cel­er­ated eco­nomic evo­lu­tion, which is cre­at­ing ideal con­di­tions for young en­trepreneurs to get rich quickly, ac­cord­ing to another re­port on Thurs­day.

The re­port, jointly re­leased by UBS AG and Price water­house Coop­ers, said that 113 Asian en­trepreneurs, 54 per­cent of the global to­tal, at­tained bil­lion­aire sta­tus last year. Eighty of them are from China, and the av­er­age age is 53.

China’s bil­lion­aire pop­u­la­tion surged in the past two years, up from 35 per­cent of Asian’s new bil­lion­aires in 2009 to 69 per­cent in 2014 and 71 per­cent last year.

Al­most half of these came from three sec­tors: tech­nol­ogy (19 per­cent), con­sumer and re­tail (15 per­cent) and real es­tate (15 per­cent). Ad­di­tion­ally, e-com­merce busi­nesses are ris­ing, the re­port said.

To­day it is about us­ing the cap­i­tal mar­kets for fi­nan­cial in­vest­ments.” Ru­pert Hoogew­erf, chair­man, Hu­run

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