Another increasingly common "Made in China" item: money, and lots of it. There is probably no better window into this explosion of wealth than our China Rich List. We found 66 billionaires this year, up from 15 last year. The total worth of the 40 richest featured here is $120 billion, triple last year's $38 billion. A net worth of $1.36 billion was needed to make the cut, up from $514 million. China's richest person, Yang Huiyan, is worth $16.2 billion, seven times the $2.3 billion net worth of last year's No. 1, Wong Kwong Yu. Wong added $1.3 billion to his fortune in the past year, but in this get-rich-quick era it was only good enough for the tenth spot. Fueling these fortunes, all 40 of which rose, were hot stock markets and investors' enormous appetite for just about all Chinese stocks.
More than a dozen of the 40 rich listers took companies public in the past year, including Gao Dekang, whose Bosideng International is one of the world's largest makers of down jackets and vests. Indeed, almost all of the top 40 now operate public companies, a huge shift from a few years ago. Real estate enriched at least 14 tycoons. Two others made money providing construction equipment to developers. Three, including rivals Wong and Zhang Jindong (who leapfrogged over Wong in the rankings), sell appliances for these new homes. Half of the tycoons are new to the top 40, including three energy billionaires and four who jumped into the top 10. Besides Yang, those four include Beijing real estate developers Zhang Xin and Lu Zhiqiang and solar-power magnate Xiaofeng Peng, who took his LDK Solar public earlier this year.
Peng also illustrates a more sober point about all this stock-based wealth, namely that it can be fleeting. Since early October, when a former accounting officer brought up allegations of inventory inflation, LDK Solar's stock has tumbled nearly 50% and is down just about 30% since we locked in net worths. Still, the future looks bright for China's richest, all but two of whom built their fortunes from scratch. After all, these mostly young entrepreneurs (11 are under 40) have much of their lives ahead of them.
Additional reporting by Maggie Chen, Jiang Chuan & FORBES CHINA
Alternative names in parentheses refer to listees who romanize name differently from China's official pinyin system. Provinces refer to primary residences.
1. Yang Huiyan
$16.2 billion/Guangdong
26. Married
Daddy's girl received 58% stake in real estate developer Country Garden from its main founder, her father, Yeung Kwok Keung. She's now Asia's richest woman and world's youngest female billionaire, thanks to soaring value of newly public company.
2. Hui Wing Mau
(Xu Rongmao)
$7.3 billion/Hong Kong
57. Married, 2 children
Fujian-born real estate tycoon had 26 projects under construction in 17 mainland cities, as of July. Recently opened Hyatt on the Bund, overlooking Shanghai's financial district. In October announced restructuring in which his Hong Kong-listed Shimao Property Holdings will become biggest shareholder in Shanghai-listed affiliate Shimao Shanghai.
3. Guo Guangchang
$4.85 billion/Shanghai
40.
Shanghai's richest resident took his main holding company, Fosun International, public in August; says it was 6th-most-oversubscribed offering in Hong Kong stock exchange history at the time; reportedly attracted such investors as legendary Li Ka-shing. Chairman and chief executive cofounded Fosun 1992 with fellow Fudan University grads; soon moved into pharmaceuticals, real estate. Other interests now include iron, steel, retail.
4. Zhang Li
$4.75 billion/Guangdong
54.
Set up mid- to high-end real estate developer Guangzhou R&F Properties with Hong Kong partner Li Sze Lim in 1994 after starting his career as a hotel industry executive. Zhang is its cochairman and president. R&F, now traded in Hong Kong, plans Shanghai listing.
5. Zhang Jindong
$4.5 billion/Jiangsu
44.
Chinese literature major opened store selling air conditioners in his native Nanjing 1990. Nowadays his Suning Appliance is one of the nation's 2 biggest electronic retailers with 600 stores. Facing new pressures from foreign retailers like American chain
6. Xiaofeng Peng
$3.85 billion/Jiangxi
32. Married
Nicknamed Light, this solar energy newcomer (he made gloves before getting into solar in 2005) was riding high until October. The stock of his NYSE-traded LDK solar has tumbled almost 50% and is down 30% since we locked in net worths. The catalyst: an accounting officer who quit firm publicly alleged that LDK inflated inventory figures of a key raw material, polysilicon. The company and Peng deny allegations.
7. Zhang Xin & family
(Marita Pan)
$3.8 billion/Beijing
42. Married
Beijing property developer leaps into top 10 thanks to October listing of SOHO China. She and husband, Pan Shiyi, who are SOHO's chief executive and chairman, respectively, are one of China's best-known business couples, renowned for their stylish buildings. (Pan transferred shares to Zhang, prior to listing.) Zhang got start at international firms
8. Lu Zhiqiang
$3.7 billion/Beijing
56.
Visitors to Beijing Olympics won't be able to miss Lu's properties, which include Glory China Center, on East Chang An Avenue leading into Tiananmen Square. Also has stake in China Minsheng Banking, country's largest nongovernment-owned bank.
9. Larry Yung
(Rong Zhijian)
$3.65 billion/Hong Kong
65. Married, 3 children
Once China's richest person, Yung is a descendant of one of country's most celebrated business families (late father Rong Yiren was nation's vice president). Yung has lately led his Citic Pacific to record profits thanks in part to investments in steel; successful spinoff of Citic telecom. Conglomerate also has mining rights in Australia, stake in
10. Wong Kwong Yu (Huang Guangyu)
$3.6 billion/Beijing
38. Married, 2 children
Guangdong native controls Gome Appliances, one of China's 2 largest electronic appliance chains. Slipped behind rival Suning Appliances Zhang Jindong (No. 5), at least in terms of net worth. Increasingly, turning his interest to real estate, other investments. This year Wong set up $500 million investment fund with
11. Yan Cheung
(Zhang Yin)
$3.4 billion/Hong Kong
50. Married
Daughter of a Guangdong Province army officer got finance job at foreign paper company; later struck out on own, importing waste paper, opening paper recycler. With husband and brother (No. 22) started paper manufacturer Nine Dragons 1995; took it public last year. In September company, which she chairs, announced plans to spend $300 million on its fourth factory, this one in Tianjin.
12. Liu Yonghao
$3.2 billion/Sichuan
56. Married
With 3 brothers made early fortune in agricultural feed. Split from siblings and now runs New Hope Group, with interests in milk and meat as well as feed. Also has stake in China Minsheng Banking. Brother Liu Yongxing ranked 20.
13. Chu Mang Yee
(Zhu Mengyi)
$3 billion/Guangdong
48.
Former government bureaucrat got into real estate development in 1992; listed his Hopson Development on Hong Kong stock exchange 1998; Hopson is now a property conglomerate with interests in residential, commercial, hotel properties as well as tourist and vacation businesses.
14. Yang Erzhu
$2.8 billion/Guangdong
56.
One of 5 top 40 rich listers who became billionaires thanks to April listing of real estate group Country Garden. Executive director manages design of company's projects; involved in its investment planning.
15. Huang Wei & wife
$2.75 billion/Zhejiang
48. Married
Huang's wealth comes mainly from stakes in 3 China-listed companies: gem trader, producer Xinhu Zhongbao; conglomerate Zhejiang Xinhu Venture Investment; and Harbin High-Tech Group. In spare time, runs Chinese chess club.
16. Chen Fashu
$2.7 billion/Fujian
46.
Main source of wealth: Zijin Mining, one of nation's largest private sector mining outfits. Recent overseas investments include gold project in Tajikistan and copper and molybdenum mine in Peru.
17. Liang Wengen
$2.6 billion/Hunan
51.
Controls Sany Heavy Industry, one of China's largest nongovernment makers of construction equipment. Liang made waves last year when he tried to block U.S. private investment firm Carlyle from investing in one of his rivals, arguing that it was a matter of national security. In September Sany announced its own high-profile foreign investment: a $30 million assembly plant in Peachtree City, Georgia, the company's first North American facility.
18. Kong Jian Min
(Jianmin)
$2.5 billion/Guangdong
39.
Computer science major and onetime credit officer at the Industrial &
19. Cho Tak Wong
(Cao Dewang)
$2.45 billion/Fujian
62. Married
Chairman of Fuyao Group, which makes glass used in automobiles. Customers include Audi, Ford,
20. Liu Yongxing
$2.4 billion/Shanghai
59. Married
With 3 brothers started Hope Group 1982 with about $120; eventually became China's second-largest animal feed maker. In 1999 restructured into 4 entities, each owned by a brother. Liu relocated from Sichuan to Shanghai; renamed his part East Hope Group. Still makes more than 100 types of animal feed; operates 2 aluminum smelters. Liu also spending time managing interests in China Minsheng Banking, Bright Dairy etc.
21. Robin Li
$2.35 billion/Beijing
39.
One of the few entrepreneurs in the world who has figured out a way to hold off
22. Zhang Cheng Fei
$2.3 billion/Guangdong
39.
Cofounded paper manufacturer Nine Dragons with older sister Yan Cheung (he spells his name differently in English). Deputy chief executive, he is responsible for much of the day-to-day operations, including marketing, distribution, finance.
23. Lin Li
$2.25 billion/Guangdong
44.
Worked as a banker in Shenzhen before becoming an entrepreneur and investor. Main source of wealth is a well-timed stake in Ping An Insurance. He became a company supervisor in 2006.
24. Shi Yuzhu
$2.2 billion/Shanghai
45.
Runs online outfit Giant Interactive. More than half his fortune comes from stakes in financial institutions like China Minsheng Banking, Huaxia Bank.
25. Chen Zhuolin & Luk Sin Fong
(Lu Qianfang)
$2.1 billion/Hong Kong
45; 45. Married
Made first forays into real estate in mid-1990s. Agile Property Holdings, which husband, wife cofounded with one of his brothers, remains tight-knit family affair despite being publicly traded. Chen is chairman, wife vice-chair and co-president, 4 brothers occupy top executive positions.
26. Cheung Chung Kiu (Zhang Songqiao)
$2.1 billion/Hong Kong
43.
Shares in the Chongqing native's main listed company, CC Land, have tripled in six months. Also chairs 2 other Hong Kong-listed companies: Yugang International, a manufacturer of packaging materials, and Y.T. Realty.
27. Liu Canglong
$2 billion Sichuan
33.
Native of Chengdu, western China's business hub, owes his wealth to China's rapid industrial growth. His main company, Sichuan Hongda Chemical, produces zinc ingots, zinc oxide products, phosphates and fertilizers.
28. Zhang Guiping & family
$1.99 billion/Jiangsu
56.
Older brother of Zhang Jindong (No. 5) making own mark in real estate. His Suning Universal (not to be confused with brother's Suning Appliance) paid record price for land near Shanghai's Bund this year; recently announced plans for private placement.
29. Chu Lam Yiu
$1.85 billion/Hong Kong
38.
Chairs Huabao International, which makes fragrance, flavorings for use in cigarettes, detergents, beverages, dairy products, cosmetics. Sold 9% earlier this year; still owns two-thirds of shares. Holds several leadership positions in local industry groups.
30. Miao Liansheng
$1.83 billion/Hebei
51.
Joined ranks of world's richest solar energy entrepreneurs when Yingli Green Energy, which he founded, listed on the NYSE. Sells its photovoltaic (PV) product in China, Germany, Spain, U.S.
31. Liang Xinjun
$1.82 billion/Shanghai
39.
Vice president, managing director of conglomerate Fosun International, which went public in August. Cofounded Fosun with fellow Fudan University graduates including Guo Guangchang (No. 3) 1992. Vice President of Chinese Young Entrepreneurs' Association.
32. Xian Yang
$1.81 billion/Sichuan
33.
Graduate of the People's Police School of Sichuan and former customs officer became a coke trader in 2000, later moved into coal production. Listed his Hidili Industry in September in Hong Kong. Minority investor Baring reportedly cashed out just 4 weeks later.
33. Lu Guanqiu
$1.8 billion/Zhejiang
62.
Born the son of a farmer in China's Zhejiang, Lu started out with a small bicycle-repair shop. Today his Wanxiang Group has 40,000 employees worldwide and annual sales of more than $4 billion. Main businesses are auto parts, agriculture, real estate, metals, finance.
34. He Xiangjian & Family
$1.7 billion/Guangdong
65.
Has been making air conditioners for 22 years through his Midea Group; also makes refrigerators, washing machines. Thriving thanks to more home ownership, rising middle class incomes. Goldman Sachs tried to buy 11% of Guangdong Midea Electric, part of Midea Group, but was stymied by government. He and family also have stakes in 3 other groups.
35. Gao Dekang
$1.61 billion/Jiangsu
55.
Twenty years of working in down apparel market have paid off for Gao. A former factory director, he started Bosideng International in 1994 and turned it into one of world's largest makers of down jackets and vests. Listed company in Hong Kong in October.
36. Li San Yim
(Li Xinyan)
$1.6 billion/Shanghai
56.
Li's main company, China Infrastructure Machinery Holdings, sells forklifts, road rollers and wheel loaders; its sales network extends into Africa and Russia. Li is active in industrial and political organizations in Fujian Province.
37. Ou Xueming
$1.4 billion/Guangdong
58.
37. Su Rubo
$1.4 billion/Guangdong
52.
37. Zhang Yaoyuan
$1.4 billion/Guangdong
61.
Longtime Country Garden executive directors all head up construction projects in different markets. Ou's territory includes Shunde; Su has 6 spots, including Tiashan; Zhang's 4 include Guangzho.
40. Ma Huateng
$1.36 billion/Guangdong
36.
Not as well known as Internet rivals Baidu's Robin Li (No. 21), Alibaba's Jack Ma, but respected for building Tencent Holdings into China's most popular provider of online chat services, attracting advertisers like
Russell Flannery was a country editor for the Forbes Billionaires List in 2003-2024 and editor at large at Forbes in 2021-2024. He is currently an advisor at Forbes
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