Mr Wang, the founder of rechargeable battery and electric car maker BYD, leapt 102 places to top the rich list after his fortune increased more than five-fold to US$5.1 billion (S$7.13 billion). -- PHOTO: REUTERSBEIJING - CAR battery tycoon Wang Chuanfu topped a new list of China's 1,000 richest people released on Tuesday, which has 130 billionaires in an emphatic declaration of the Asian giant's economic arrival.
Most of the super-wealthy on the Hurun Rich List, unlike Mr Wang, made their fortunes in the property and stock markets - the focus of Beijing's massive government stimulus efforts over the past year.
'China's wealth is growing at breakneck speed,' Rupert Hoogewerf, the founder of the Shanghai-based Hurun Report which publishes the annual list, told a press conference. 'You can double the real number of billionaires in China to 260. There are still a large number of billionaires off the radar screens, managing to build up substantial wealth away from the public spotlight from property, the stock market and investments.'
Mr Wang, the founder of rechargeable battery and electric car maker BYD, leapt 102 places to top the rich list after his fortune increased more than five-fold to US$5.1 billion (S$7.13 billion), said Mr Hoogewerf.
The rich list gained 180 new members - despite the entry criteria for the latest list rising by 50 per cent to US$150 million.
Seven people moved into the top 10, in the biggest shake-up since the report started publishing the rich list in 1999. -- AFP
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