Number of Chinese Billionaires Growing: Forbes

In a statement, Forbes' Shanghai bureau chief Russell Flannery said the number of Chinese billionaire is increasing, "almost closing the gap" with the number of wealthy Americans.
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Washington, WA ( November 9, 2010 - With China's growing economy, the number of billionaires in the country has increased by 128 this year from 79 in 2009, according to a survey by Forbes magazine released on Thursday.

In a statement, Forbes' Shanghai bureau chief Russell Flannery said the number of Chinese billionaire is increasing, "almost closing the gap" with the number of wealthy Americans.

The survey, which named the country's top 400 wealthiest people, has revealed that 26 of them are aged 40 and below, including the two youngest who are only 29 years old.

Yang Huiyan, 29, ranked as the 16th wealthiest Chinese, down from last year's fifth place, who has a total of US$3.5 billion from her property developer Country Garden.

According to reports, Yang, whose father used to be a construction worker and farmer, became an instant billionaire in 2007 when Country Garden was turned into a "public" company and traded in Hong Kong stock exchange.

Another 29 year old who made it in to the list of wealthiest, Li Zhaohui is the chairman of steel maker Shanxi Haixin Iron & Steel Group who took over the business after his father was shot dead seven years ago.

Li, who ranked 192nd in the list, has US$740 million worth of fortune which mostly came from his inheritance.

The minimum amount required to make it to the top 400 this year has increased to US$425 million from US$300 million in 2009, Forbes said in a statement.

Over the past several years, the wealth have shifted to retail, consumer goods, pharmaceutical, and technology industries while property developers posted dismal sales as the Chinese government tried to curb the soaring property prices.

Only one property developer has made it to Forbes top ten list while there were three companies from the real estate industry last year. With this, the magazine said that it is expecting that tycoons from the food and beverage, luxury hotels, and consumer goods will continue making it to the China's wealthiest list for the next several years.

Most analysts believe the new trend will continue for the next several years due to the increase in domestic consumption and investment in social welfare.

These are some of the names of the richest people in the world's second largest economy, according to Forbes: Robin Li who is the co-founder of search engine giant Baidu; Chen Danian who is the co-founder of entertainment media giant Shanda Interactive; Zong Qinghou who owns China's largest soft drinks manufacturer Wahaha; and Wang Chuanfu who is the founder of automaker BYD.

In response with the survey, Singapore's leading business registration firm Rikvin believes that Chinese business tycoons have to continue searching for new jurisdictions to further expand their market and adapt to a highly-globalized world.

"Singapore is one of the best business centers with its attractive corporate taxation. In fact, its corporate tax rate, which is currently at 17 percent, is the eight lowest among the countries surveyed by KPMG," Asiabizservices said.

In addition with its very competitive corporate tax rates, Asiabizservices said that Singapore's strategic location, pragmatic government, tax and the developmental incentives it provides to startup companies will surely have a positive impact to a business' profitability.

About the Publisher:

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