Financial turmoil is mirrored by the latest list of China’s 400 richest people compiled by Forbes magazine. According to the Forbes report, their combined net worth dropped nearly 40 percent to $173 billion from $288 billion last year, and the top richest lost $68 billion. Their fortunes have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong Shares this year.
There are 24 billionaires in this year’s list compared to last year record 66. The losses would be even larger if it had not been yuan’s appreciation. Read more…
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“Being rich and living the life of an aristocrat are not the same thing,” said Rupert Hoogewerf, author of 2008 Hurun Report of New Aristocracy, who is known better by his Chinese name Hu Run. He said the report was complied after analyzing the lifestyles of more than 100 super rich people in China and not all spend lavishly.
An aristocrat in China generally spends around 4.57 million yuan ($672,000) a year. However, to live as an aristocrat, the super rich must have spent at least 83 million yuan. The report describes a typical aristocrat. Read more…
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The 2008 Hurun China Rich Report was released, showing that new names from the emergent alternative energy sector are moving all the way up to the top of the list as China’s richest have generally lost their wealth this year.
Solar energy tycoon Peng Xiaofeng, with a personal wealth of 27 billion yuan, was No4. He was No6 on last year’s list.Shi Zhenrong, another solar energy developer from Jiangsu province, soared up to 8th from 25th last with a personal wealth of 21.5 billion yuan.Totally, there were 22 solar energy tycoons listed, compared with 9 last year.
The report says that their achievement proves China’s ability and potential in alternative energy exploitation.
On Monday, the list’s top 3 were revealed by the publishers. They respectively were 39-year-old appliance and property developer Read more…
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