Huang Guangyu, a 35-year-old electronics salesman, has been named by a Britain-based financial magazine, EuromoneyChina, as the wealthiest businessman on the Chinese mainland.
In the Mission Hills EuromoneyChina 2004 China Rich List published Tuesday, Huang, founder of China's largest electronics retailer GoMe Appliances, has become the mainland's richest individual with a personal fortune of US$1.3 billion.
Chen Tianqiao came second with his 60 percent stake in online games company Shanda Networking, the mainland's largest NASDAQ-listed company by market value.
Rong Zhijian has seen the value increase of his 18 percent ownership of Citic Pacific, a Hong Kong-based investment vehicle, to give him third place.
"The three greatest fortunes amassed in the world today have been in retail (the late Sam Walton of Wall-mart), IT (Bill Gates) and investments (Warren Buffett). That would make Huang the Sam Walton of China, Chen the Bill Gates of China and Rong the Warren Buffett of China," EuromoneyChina says.
The annual list of mainland tycoons, compiled by Shanghai-based researcher Rupert Hoogewerf, mirrors changing times when light industries and services are building up financial empires to overtake more traditional businesses.
Nine businessmen in Shenzhen have been listed among the 100 wealthiest billionaires. They are Huang Maoru of Shenzhen Maoye Group (ranked No. 19 with US$360 million), Wang Chuanfu of BYD Co. (No. 31 with US$290 million), Huang Hongsheng of Skyworth Digital Holdings (No. 34 with US$265 million), Zhu Baoguo of Joincare Pharmaceutical Group (No. 48 with US$230 million), Miao Shouliang of Shenzhen Fuyuan Group (No. 57 with US$205 million), Li Yongjun and his brothers Yongkui and Yongliang of Strong Group (No. 66 with US$180 million) and Chen Weidong of Wangji Group (No. 80 with US$170 million).
Hoogewerf, who has been compiling lists of the mainland's wealthy since 1999, noted that as China's economy boomed, the size of many personal fortunes was soaring.
The elite club of the Richest 100 is now worth US$30 billion, up 29 percent over last year, and requires an entry level of US$150 million -- a far cry from the paltry US$6 million in 1999, when such a list was put together for the first time, the magazine says.
This year's list also features 32 new faces, and Li Jinyuan tops the debutants with US$720 million generated from sales network around the world selling healthcare products.
Last year's No. 1, Ding Lei, founder of portal giant NetEase, dropped to No. 7 with a fortune of US$600 million this year. The 33-year-old Internet entrepreneur had assets estimated at US$900 million in 2003.
(Shenzhen Daily October 13, 2004)
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