Survey: China billionaires overtake US

October 15, 2015

Despite the slowdown in the economy, Chinas richest have defied gravity, recording their
best year ever, says Hurun Report Chairman, Rupert Hoogewerf.

SHANGHAI: The number of billionaires in China has overtaken that of the United States for the first
time, an annual survey said Thursday, despite slowing growth in the worlds second-largest economy.
Communist-ruled China now has 596 billionaires, up a staggering 242 over the last year, Shanghaibased luxury magazine publisher Hurun Report said, surpassing the 537 Americans.
Despite the slowdown in the economy, Chinas richest have defied gravity, recording their best year
ever, Hurun Report Chairman Rupert Hoogewerf said in a statement.
Real estate and entertainment magnate Wang Jianlin dethroned founder of e-commerce giant Alibaba
Jack Ma as the countrys richest person, Huruns annual wealth ranking showed.
Wang, who founded conglomerate Wanda, saw his fortune jump more than 50 percent to $34.4 billion,
helped by a surge in the stock price of a listed unit.
Wang is known outside China for a string of overseas acquisitions including the organiser of Ironman
extreme endurance contests, Swiss sports marketing group Infront, and a stake in Spanish football club
Atletico Madrid.
He burst into the spotlight in 2012 by buying US cinema chain AMC Entertainment for $2.6 billion.
Wang took the top spot back from Ma, executive chairman of Alibaba, because of a collapse in the
Internet companys New York-quoted shares, which were the worlds biggest initial public offering when
it listed last year. Mas wealth still stands at $22.7 billion.
Beverage tycoon Zong Qinghou of Wahaha remained in third place with just over $21 billion while Pony
Ma, founder of Internet giant Tencent which operates popular messaging app WeChat, took fourth place
with a little under $19 billion.
Lei Jun of smartphone maker Xiaomi, which is seeking to challenge Apple, jumped five places to fifth by
doubling his wealth to more $14 billion.
Yan Hao of road builder China Pacific Construction was sixth while the founder of search engine giant
Baidu, Robin Li, dropped to seventh amid worries over his companys huge spending to expand its
business.
AFP