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Number of billionaires triples to 10
By Li Jing (China Daily)
Updated: 2005-11-04 05:49
Top ten of the
richest list [Xinhua] |
Russell Flannery, chief of Forbes' Shanghai Bureau, explained yesterday that
due to the complicated financial structure of Yan's company, Forbes could not
get a clear picture of Yan's fortune. The magazine took a cautious attitude
while compiling the list, he said.
Rebutting reports that Yan had reached a private agreement with Forbes not to
put him on the list, Flannery said Forbes is closely watching Yan's company and
would name him on a list in the future.
Real estate proved to be the biggest generator of wealth, as more than half
of the 100 richest have a stake in the booming property market.
The average fortune of the top 100 wealthiest is US$400 million, soaring 38
per cent over last year.
Wealth is, indeed, expanding rapidly among the richest. The No 200 in last
year's list had a fortune of US$80 million, while the figure is US$123 million
for the same position this year.
Money is also concentrated in a few places. More than half the entrepreneurs
on the Forbes 400 list have their businesses in only four areas around China
East China's Zhejiang Province, South China's Guangdong Province, Shanghai and
Beijing.
The youngest on the list is 24-year-old Li Zhaohui, at 26th, with an
estimated wealth of US$400 million. Li inherited his father's business
Shanxi-based Haixin Iron & Steel last year.
The oldest is Lu Guoji, 82, president of Chongqing-based Minsheng
Corporation. With an estimated fortune of US$173 million, Lu is 119th on the
list.
The number of billionaires in the world in 2005 is 691, according to Forbes.
(China Daily 11/04/2005 page1)
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