Editors note: Forbes releases a list of China’s richest people every year. This year old names have moved, new names have been added and the net wealth of the top 100 people has grown 44% on last year. This translated article introduces the list and what it tells us about the state of China’s economy.

On October 16 the annual Forbes China Rich List was published. In 2012 the list contained 113 billionaires; this year there are 168. Altogether the top 100 richest people in China are worth 316 billion USD, up 44% on last year.

Russell Flannery, Forbes Magazine senior editor and Forbes Asia Shanghai bureau chief said, “This list reflects this year’s growth in the many areas of China’s economy, including the internet, automotive, entertainment and real estate. From this level China’s rapid growth in wealth and China’s economic slowdown seem disjointed, but it still reflects what is taking place in the real economy as well as the savvy entrepreneurs who are benefiting.”

Who took the top spots?

With a net worth of 86 billion RMB Dalian Wanda Group’s Wang Jianlin took top spot this year. Last year he was third on the list with 48.8 billion RMB. The almost doubling of his net worth is down to the rise in real estate both at home and abroad as well as his inroads into the entertainment industry; the Wanda Group own 71 shopping malls and 40 five-star hotels. In September, the likes of Leonardo DiCaprio and John Travolta were invited to the breaking ground ceremony for Wanda Group’s Qingdao Oriental Movie Metropolis.

Last year’s No. 1, Zong Qinghou, takes second place. Mr Zong is the 68 year old owner of Wahaha beverage company. This year he enjoys a net worth of 68.3 billion RMB, which is a slight increase on last year’s 61 billion RMB. In the first half of 2013, revenue for Wahaha grew to 36 billion RMB representing a 9.4% increase on the year before. 

Robin Li sits third on the list. He is the CEO of Nasdaq-listed search engine company Baidu. With Baidu’s acquisition of a number of other companies this year, Robin Li’s net worth soared by 18 billion RMB on last year. 

The internet industry wins big

Looking at the sectors the richest people work in, it is clear the tech community is producing the most wealth. Last year the founder and CEO of Tencent, Ma Huateng, was worth 39 billion RMB, but this year his net worth surged to a whopping 62.2 billion RMB, earning him fifth spot on the China Rich List. Stock prices in Hong Kong rose 50% this year, which attributed to his growth in wealth. In terms of the markets, Tencent Holdings is China’s largest internet company.

Jack Ma is also a pioneer of China’s internet industry: he created the e-commerce platform Alibaba. Eighth on the Rich List, his net worth stands at 43.3 billion RMB. In May this year Jack Ma stepped down as CEO of Alibaba to reportedly focus on environmental protection and education. This announcement came ahead of an upcoming IPO which attracted worldwide attention.   

New to the list

This year, there were 87 new faces on the list, reflecting China’s growing prosperity and vitality. One of these newcomers is billionaire Li Hejun, who comes from the energy industry. By virtue of his net worth of 66.5 billion RMB he swooped in and took fourth place. Li Hejun is Chairman of Hina Holdings Group, the world’s largest manufacturer of thin-film solar panels and equipment.

Zhou Jiangong, editor for the Chinese language version of Forbes has said, “Although this year China’s growth rate has slowed, China’s urbanization, consumer goods and services industries, pharmaceuticals and healthcare, and entertainment industries, as well as communication and internet companies’ rapid growth are still favorable. Moreover, these industries are the centre of growth in China.”

The top ten are as follows:

1) Wang Jianlin: net worth 86 billion RMB
2) Zong Qinghou: net worth 68.3 billion RMB
3) Robin Li: net worth 67.7 billion RMB
4) Li Hejun: net worth 66.5 billion RMB
5) Ma Huateng: net worth 62.2 billion RMB
6) Wei Jianjun: net worth 54.9 billion RMB
7) Yang Huiyan: net worth 43.9 billion RMB
8) Jack Ma: net worth 43.3 billion RMB
9) He Xiangjian: net worth 41.5 billion RMB
10) Liu Yongxing: net worth 37.2 billion RMB

Source: sohu.com

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Keywords: Wang Jianlin richest people in China 2013 Forbes China Rich List