china's wealthiest get richer

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    China's wealthiest get richer
    By Russell Flannery
    From: Forbes

    CHINA'S wealthiest got much richer in the past year, thanks to the nation's booming economy, with its 40 richest now worth $35 billion.

    The 40 richest businesspeople are now worth a collective $US26 billion ($35 billion), up from $US18 billion a year ago. China is now home to ten billionaires and their families, up from three last year.
    A net worth of $US321 million was required to make Forbes Top 40 list, up from $US231 million last year. The nation's richest man is once again Larry Rong Zhijian, who runs one of China's most successful conglomerates, Citic Pacific.

    Those who made their money in real estate did particularly well. Moving up eight slots to number 2 is property baron Zhu Mengyi and family, whose holdings are in Guangdong Province and whose Hong Kong-listed Hopson Development has attracted international investors. Forbes estimates his family's fortune at $US1.43 billion, up $US1 billion from last year.

    Another big gainer was number 11, Zhang Li, who was ranked 92 in Forbes's survey last year. His R&F Properties, which builds everything from five-star hotels in Guangzhou and middle-class apartments in Beijing, listed on the Hong Kong Stock Exchange in July.

    One low-profile member of our list is number 13, Wu Guodi, the head of Alison Group, which makes industrial products like steel pipes and also trades oil.

    Chen Lihua, the richest woman among the top 40, owns buildings in some of Beijing's priciest locations.

    Among this year's most notable internet entrepreneurs are Robin Li, cofounder of newly public Chinese search engine Baidu, and Jack Ma, whose website,, attracted a $US1 billion investment from Yahoo earlier this year.

    The youngest on the Forbe's list is Li Zhaohui, 24, who became the leader of one of China's largest private steelmakers, Shanxi Haixin Group, after his father was murdered.

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