Almost half of China’s top-1000 wealthy saw their resources decline, according to the 14th annual Hurun Report, published today. The total number of billionaires dropped and 37 even lost more than half of their wealth, says Hurun founder Rupert Hoogewerf.
Highlights from today’s Hurun Report:
1. 67-year old Zong Qinghou is richest man in China for second time in three years with personal fortune of US$12.6bn.
2. Of the Top 1000 of the Hurun Rich List, 469 saw their wealth shrink, of which 37 shrunk by over 50%, mainly those from solar, textiles and retail sectors. 291 saw their wealth grow, 114 stayed the same and there were 150 new faces.
3. Cut-off to make list down 9% to US$290 million, but still triple the cut-off of five years ago.
4. The number of dollar billionaires is down 20 to 251 individuals this year, but still considerably up from six years ago when there were only 15.
6. Property loses top spot as source of wealth for first time since records began in 1999, when half the Rich List had property as their main source of wealth. Manufacturing takes over with 20.7% of the individuals on the Rich List. Individuals counting investments as one of their main industries have seen the sharpest rise to 8.6% of the list.
7. Wu Yajun (8th) is China’s richest woman and richest self-made woman in the world for the second year running with a personal fortune of US$6bn.
8. Vehicle maker and 18th Party Congress delegate Wei Jianjun (39th) was the fastest riser this past year, seeing his wealth shoot up from US$1bn to US$2.8bn on the back of a domestic listing of vehicle-maker Great Wall Motors.
9. The Rich List has engaged in record size deals this past year. Jack Ma (55th, US$2.4bn) led a US$7.1bn buy back of 20% of Alibaba’s shares from Yahoo; Wang Jianlin bought US cinema chain for US$2.6bn; last year’s Number OneLiang Wengen bought 90% of Putzmeister, a German machinery manufacturer for US$400 million; Mi Enhua ofHualing bought 90% of Basis Bank in Tbilisi, Georgia for US$100 million and is planning on investing a further US$450 million into the country; Yan Bin of Reignwood started development of a US$200 million luxury residential and private club in London.
- Who are China’s superrich? – Rupert Hoogewerf (chinaspeakersbureau.info)
- Chinese investors expect high risks, high returns – Rupert Hoogewerf (chinaherald.net)
- Confidence of luxury consumers got a hit – Rupert Hoogewerf (chinaspeakersbureau.info)