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Chinese billionaires on the rise

By: EBR - Posted: Monday, November 7, 2005

Chinese billionaires on the rise
Chinese billionaires on the rise

The number of Chinese billionaires has more than doubled in the past year, according to a survey.

Forbes Asia magazine's annual Chinese rich list found that there are now 10 US dollar billionaires in China compared with three a year ago.
China's economy has been expanding rapidly, boosting the personal wealth of the country's leading entrepreneurs.
Businessman Larry Rong Zhijian remains China's richest man, with an estimated fortune of $1.64bn (£929m).
The son of former Chinese vice premier Rong Yiren is chairman of Hong Kong-based investment firm China International Trust and Investment Corporation.

Property boom
The combined wealth of China's 100 richest people now exceeds $41bn, the survey found, compared with $29bn a year ago.
The construction boom of recent years has enriched a host of property developers headed by Zhu Mengyi, China's second richest man with an estimated fortune of $1.4bn.
Other businessmen featuring in the list include William Ding Lei, founder of US-listed business Netease.com, and Wong Kwong Yu, founder of electronics retailer GoMe Appliances.
"Brisk economic growth and a huge appetite among foreigners for Chinese investments helped to propel the wealth of China's richest people in the past 12 months," Forbes Asia said.

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