China's rich still minting it

CHINA'S richest have grown richer despite slowing economic growth, with this year's Forbes China Rich List identifying a record 168 billionaires, up from 113 the previous year.

The combined wealth of the top 100 wealthiest Chinese also surged 44 per cent to US$316 billion (S$393 billion) this year, in contrast with a 7 per cent drop last year, according to the latest list released yesterday by the American business magazine.

Leading the pack was real estate and movie mogul Wang Jianlin, chairman of the Dalian Wanda group, who saw his net worth go from US$8 billion last year to US$14.1 billion this year.

This came amid a rebound in property prices in China and Mr Wang's expansion into the entertainment business at home and abroad.

Just last month, Mr Wang enjoyed the limelight when he invited Hollywood A-lister Leonardo DiCaprio, star of The Great Gatsby, to the port city of Qingdao to attend the launch of his US$8 million movie hub project.

Wanda group owns 71 shopping plazas and 40 five-star hotels, Forbes said in the release.

Mr Wang overtook drinks king Zong Qinghou of Wahaha Group as China's richest man. Mr Zong was in the news recently after he was stabbed in the hand by an unemployed man upset with the tycoon for refusing to hire him.

Forbes' findings echoed another China rich list released last month by the Hurun Report, which also found a rise in the number of US dollar billionaires to a record 315.

China's economy grew just 7.7 per cent last year, its slowest since 1999.

"On one level, there appears to be a disconnect between the very rapid growth in wealth and the country's easing economic growth. Yet it reflects what is happening in the real economy and the ability of smart business people to profit from it," said Forbes senior editor Russell Flannery.

The list reflects the fastest-growing parts of China's economy this year, such as Internet, auto, entertainment and property businesses, he added.

This year's list features tech entrepreneur Robin Li of search engine Baidu, Mr Pony Ma of gaming and social media group Tencent and Mr Jack Ma of e-commerce giant Alibaba.

The list also includes 87 new entrants to the list, such as clean energy tycoon Li Hejun. The chairman of Hanergy Holding Group, one of the biggest global makers of thin-film solar panels and equipment, was ranked China's fourth richest with US$10.9 billion.

The only woman in the top 10 was heiress Yang Huiyan of real estate group Country Garden Holdings, who is worth US$7.2 billion.

Economist Wang Xiaolu, who has written about the growth of grey income - unaccounted sources of income - in China, said Forbes' latest findings underline how the rich are getting richer.

"This trend is not unusual but if it continues, it may worsen the wealth gap in China and is not a good phenomenon," he told The Straits Times.

China's Gini coefficient, a measure of income disparity, stood at 0.474 last year, which is still seen as relatively unequal though it has gone down from a peak of 0.491 in 2008.

The annual list was compiled with data from families, individuals, stock exchanges, analysts and China's regulatory agencies, said Forbes. Public fortunes were calculated using stock prices and exchange rates on Sept 26.

China's top 10 richest

1. Wang Jianlin

US$14.1 billion

(S$17.5 billion)

Chairman, Dalian Wanda Group

2. Zong Qinghou

US$11.2 billion

Chairman, Wahaha Group

3. Robin Li

US$11.1 billion

Chief executive officer, Baidu

4. Li Hejun

US$10.9 billion

Chairman, Hanergy Holding Group

5. Ma Huateng

US$10.2 billion

Chief executive officer, Tencent Holdings

6. Wei Jianjun

US$9 billion

Chairman, Great Wall Motors

7. Yang Huiyan

US$7.2 billion

Majority shareholder of Country Garden Holdings

8. Jack Ma

US$7.1 billion

Chairman, Alibaba Group

9. He Xiangjian

US$6.8 billion

Co-founder, Midea Group

10. Liu Yongxing

US$6.1 billion

Chairman, East Hope Group

SOURCE: FORBES

hoaili@sph.com.sg

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