Subscribe free to our newsletters via your
. Earth Science News .

Subscribe free to our newsletters via your

China's ranks of super-rich rise despite economic slowdown
by Staff Writers
Beijing (AFP) Oct 13, 2016

More Chinese joined the ranks of the super-rich this year, a survey showed Thursday, bringing the total to an all-time high despite dragging growth in the world's second-largest economy.

A total of 2,056 people have a net worth of two billion yuan ($297 million) or more, Shanghai-based luxury magazine publisher Hurun Report said in its Richest People in China report, up from 1,877 last year.

That rise defied the grinding slowdown in China's economic miracle, which saw growth slip to 6.9 percent in 2015 -- its lowest rate in a quarter of a century -- and which has slowed further this year.

Property and entertainment mogul Wang Jianlin, 62, chairman of conglomerate Wanda Group, was tipped the richest man in China with a fortune of $32.1 billion, down two percent from a year ago, the survey said.

He was followed by e-commerce and financial services giant Alibaba's founder Jack Ma, whose wealth was estimated to have surged 41 percent to $30.6 billion on the back of a boom in the company's market capitalisation and a round of investment valuing affiliate Ant Financial at $60 billion, it said.

Pony Ma, head of the online gaming and communications giant Tencent, which owns popular social networking app WeChat, ranked the third richest with a net worth of $24.6 billion after cashing out $1.9 billion from the sale of some of his shares in the company, it said.

The biggest riser this year was mysterious tycoon Yao Zhenhua, who shot up 200 places to fourth on the list on a nine-fold increase in his wealth to $17.2 billion, the survey said.

Yao made headlines over the past year for his hostile takeover bid of the country's leading real estate developer Vanke through his privately-owned Baoneng Group.

"Yao's financial investment model represents the new wave of wealth creation in China," said Hurun Report chairman Rupert Hoogewerf in a statement.

"The first money made in China twenty years ago came from trading, followed by manufacturing, real estate, IT and today it is about using the capital markets for financial investments," he said.

Financial investments and the IT industry were the "hottest" wealth-creating sectors, accounting for a combined 23 percent of the total listers, up from 20 percent last year, the survey showed.

Manufacturing, which is plagued by overcapacity, was the biggest loser, with its share falling to 26 percent this year from 28 percent in 2015, it added.

China's Top Ten

1 Wang Jianlin & family $32.1bn

2 Jack Ma & family $30.6bn

3 Pony Ma $24.6bn

4 Yao Zhenhua $17.2bn

5 Zong Qinghou & family $16.7bn

6 Yan Hao & family $14.9bn

6 William Ding Lei $14.9bn

8 Robin Li & Melissa Ma $14.7bn

9 Lu Zhiqiang & family $12.7bn

10 Xu Jiayin $11.6bn

10 He Xiangjian & He Jianfeng $11.6bn

10 Yan Bin $11.6bn

10 Zhang Jindong $11.6bn

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
The Economy

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
Asia markets hit by US rate talk, Samsung losses mount
Hong Kong (AFP) Oct 12, 2016
Asian markets retreated Wednesday on fears about an expected US interest rate rise this year, while the pound recovered after suffering a series of losses fuelled by worries over Britain's EU exit. Samsung Electronics suffered another bout of selling in the morning after announcing Tuesday it would scrap the troubled flagship Galaxy Note 7 over an exploding battery crisis. Shares later ... read more

Haiti in pain as hurricane toll soars, aid sought

Haiti's hurricane survivors plead for aid

Haiti devastation slows aid effort

Agencies warn of fresh disaster as winter looms in flood-hit N. Korea

French-Japanese laboratory to study materials under extreme conditions

Solving a cryptic puzzle with a little help from a hologram

Technique mass-produces uniform, multilayered particles

A breakthrough in the study of how things break, bend and deform

Scientists help power plants predict jellyfish invasions

Ocean conditions contributed to unprecedented 2015 toxic algal bloom

Atlantic Ocean's slowdown tied to changes in the Southern Hemisphere

Vietnam court rejects fishermen lawsuits against Taiwan's Formosa

Ice cores reveal slow decline in oxygen over past 800K years

All polar bears across the Arctic face shorter sea ice season

Northern Lights trump street lights in Iceland

Global cooling yielded modern ecosystems 7 million years ago

High number of pesticides within colonies linked to honey bee deaths

As arable land disappears, here come the vertical farmers

Australian-Chinese bid for massive cattle estate

Madagascar hillsides stripped bare as locals seek land

Floods prompt evacuations in North Carolina

Exhaling Earth: Scientists closer to forecasting volcanic eruptions

Japan's Mount Aso volcano erupts

Magma movements foretell future eruptions

Nigeria's economy is so-so, Moody's says

Madagascar protests halt activity at Chinese gold mine

22 soldiers killed in attack on Niger refugee camp

Zimbabwe, Namibia to push for ivory trade

Mapping the 'dark matter' of human DNA

Reading literary fiction doesn't boost social cognition

Why Does Dying Cost More for People of Color

World's first baby born from 3-parent technique: report

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement