breadwinner

Carmakers and property developers, whose companies have been bolstered by the government's economic stimulus package, topped the Hurun Rich List released Tuesday.Wang Chuanfu, founder and chairman of the automobile and battery maker BYD Company, replaced Huang Guangyu as China's richest person as the electronics retail tycoon was jailed last year.


Last year, Warren Buffet's Berkshire Hathaway made share purchases totaling HK$1.8 billion ($232 million) from the car and battery producer.


The 43-year old Wang, who moved up 102 places, has an estimated worth of more than $5.1 billion.


"Wang Chuanfu has made it to Number One in China on the combination of a 30 percent growth of the Chinese car industry and the Warren Buffett Midas touch," said Rupert Hoogewerf, founder and compiler of the Hurun Rich List.


In the meantime, Huang Guangyu, former president of Gome Appliances, slipped to the 17th place after being detained on charges of share-price manipulation.


Hoogewerf pointed out that several of the richest entrepreneurs on the list are from the new energy industry, showing that the nation's economy is turning green.


Eight newcomers in the top 10 are from the property and finance sectors. Seven of the top 10 names in 2008, mostly steel makers, fell down the list this year because of the impact of the financial crisis.


"Properties, the stock market, and mineral products are the major three investment fields this year due to government support," said Ning Jingbian, an analyst from the China International Capital Corporation.


The net worth of the 1,000 richest people is up by $130 billion to $571 billion since last October, according to the list.
"China's wealth is growing at breakneck speed," said Rupert Hoogewerf, "Since our 2004 list, we have seen a ten-fold increase in the number of individuals with personal wealth of at least $150 million. In 2004, we could only find 100 individuals with $150 million, whereas this year, we managed to find 1,000."


"It's easy to understand where the new millionaires are coming from," Xiong Bingqi, a professor at Shanghai Jiaotong University, told the Global Times. "The young rich were mainly entrepreneurs who graduated in the 1990s, when the new energy and high-tech industries were taking off."


"They just rode the wave," Xiong said.



Global Times