Saturday, 27 February 2016

Fact of the Day: China has more Billionaires than the US

Wang Jianlin of Wanda is China's wealthiest man at US$26 billion
The famous -- or infamous -- Hurun Global Rich List is out and there were 99 new billionaires in the world to a record high of 2,188 last year, the majority of which come from China.

Ninety of them came from Hong Kong, Taiwan, Macau and the mainland, and so China's number of billionaires is 568, and now it can boast having more than the US, which now has 535. Chinese billionaires had a combined next worth of US$1.4 trillion.

Li Ka-shing trails behind Wang with US$25 billion
Also the uber rich got even wealthier this past year with an increase of 9 percent at US$7.3 trillion.

Beijing is now called the billionaire capital of the world, with 100 of them based in the Chinese city.

Nine Chinese billionaires were in the top 100 in the Hurun Global Rich List last year.

Wang Jianlin, chairman of property and entertainment conglomerate Wanda was the richest in China, 21st in the world with a net worth of US$26 billion.

He beat Hong Kong's Li Ka-shing whose wealth shrank by 22 percent to US$25 billion, and 23rd in the world.

Henderson Land chairman Lee Shau-kee is in 27th place, while Alibaba's Jack Ma Yun dropped two places to 36th, and his network shrank by 14 percent to US$21 billion.

Lee Shau-kee of Henderson Land is the third richest in China
The Hurun list is infamous mostly because after the Chinese tycoons are listed there, some have "disappeared" then investigated and convicted of corruption. Huang Guangyu, formerly chairman of Gome, was convicted of stock market manipulation and is now serving a 14-year jail sentence.

So while these people amass gobs of wealth, they can face a severe reversal of fortune...

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