AFP: Hurun announces wealthiest Chinese - Spear's Magazine

AFP: Hurun announces wealthiest Chinese

SHANGHAI A machinery tycoon topped a list of China’s richest people released on Wednesday, as the world’s second biggest economy continues to create dollar billionaires despite the global crisis

SHANGHAI — A machinery tycoon topped a list of China’s richest people released on Wednesday, as the world’s second biggest economy continues to create dollar billionaires despite the global crisis.

Many of those on the list compiled by the Hurun Report — which publishes luxury magazines and runs a research institute — made their money in China’s construction and property sectors, as well as a growing domestic retail market.

“China’s rich have defied the global financial crisis with another record year of growth,” Rupert Hoogewerf, founder of the Hurun Report, said in a statement.

The list — released annually — records China’s 1,000 richest people, though only the names of the top 50 were announced Wednesday.

The full ranking of China’s 1,000 richest individuals included 271 dollar billionaires, up from 189 last year. The price of entry was $310 million, up from $220 million in 2010.

Liang Wengen, co-founder of machinery company Sany, came in first with a fortune of $11 billion, rising from fourth place as China’s economic boom helped his firm grow from a welding materials factory into an industry giant.

Beverage magnate Zong Qinghou of the Wahaha company slipped to second place this year from first last year with wealth of $10.7 billion.

A Wahaha spokesman dismissed the ranking for the company’s chairman.

“It doesn’t matter whether he is on the list or not. We don’t pay much attention to it,” spokesman Shan Qining told AFP.

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