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Business/Finance See other Business/Finance Articles Title: China overtakes US in Hurun's dollar billionaire list China overtakes US in Hurun's dollar billionaire list Chen Man-nung and Staff Reporter 2015-10-17 12:13 (GMT+8) Wanda chair Wang Jianlin has reclaimed the No. 1 spot in Hurun's latest list. (File photo/CNS) Wanda chair Wang Jianlin has reclaimed the No. 1 spot in Hurun's latest list. (File photo/CNS) China has created more dollar billionaires than the United States this year for the first time mainly due to the country's booming equity market despite the economic slowdown, according to the Hurun Rich List 2015 released on Oct. 15 by the Hurun Research Institute. According to Hurun's annual China rich list, the number of dollar billionaires in China stands at 596 this year, an increase of 242 from last year. Their total wealth reached 13.6 trillion yuan (US$2.14 trillion), more than the GDP of Russia or India. Related News Alibaba to buy out China's YouTube, Youku Tudou, for US$4.5bn China overtakes US in Hurun's dollar billionaire list V Air to launch flights to Japan, Philippines NDRC approves infrastructure projects estimated at US$8bn If Hong Kong, Macau and Taiwan are included, the total number of dollar billionaires in the greater China region stands at 715. The United States has 537 billionaires. Real estate tycoon Wang Jianlin overtook Alibaba founder Jack Ma to reclaim his title of wealthiest person in mainland China. With 220 billion yuan (US$34.6 billion) in personal assets, the 61-year-old founder and CEO of the Wanda Group conglomerate was back at No. 1, according to the annual ranking of China's wealthy. Wang saw a 52% increase in his wealth, mainly because of a nearly 10-fold rise in the market value of his newly listed cinema chain. Ma was second with 145 billion yuan (US$22.81 billion) in personal assets. Some 18 billionaires on the list came from the Alibaba Group. The IT and manufacturing industries are the biggest sources of new wealth in China, with 43% of the new wealth coming from these sectors. They include Frank Wang, 35, of the Shenzhen-based drone manufacturer DJI Innovations and Cheng Wei, 32, of the taxi-hailing and car-hiring app Didi Kuaidi. Real estate, a traditional wealth generator, saw its share of the list drop to 16.1%, a sign of the country's economic transformation toward a growth model driven up by IT and manufacturing sectors. Women accounted for 21% of the list's members, and are led by Zhou Qunfei, founder of touchscreen maker Lens Technology, who ranks 17th with US$17.8 billion. Three of the new wealthy are from the worlds of entertainment and sports, including movie star Zhao Wei, who made the list for the first time in 947th place with US$4 billion, and martial arts legend Jet Li in 1,496th place with US$2.5 billion and retired NBA player Yao Ming in 1,690th place with US$2.1 billion. Poster Comment: Almost 600 billionaires/year, not bad. Post Comment Private Reply Ignore Thread
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