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Billionaires' list shrinks by a third

By Wang Qian (China Daily)
Updated: 2009-03-13 07:44

The number of Chinese mainland billionaires on the world's rich list fell from 71 last year to 52 this year in the latest sign of the havoc wrought by the global financial crisis.

The net worth of the 793 billionaires worldwide - compared to 1,125 last year - plunged to US$2.4 trillion from US$4.4 trillion, the ranking by financial magazine Forbes showed.

Liu Yongxing, with US$3 billion, was the richest on the mainland and ranked 205th on the list, up more than 400 spots from a year ago. The 60-year-old president of agricultural feed company East Hope Group regained the top perch after ranking first in 2001.

Liu started raising quail and chickens with three brothers in 1982 before his company became the country's largest feed producer.

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His wealth doubled despite the financial crisis.

This year's list includes Chinese billionaires in sectors such as retail and high-tech who held onto their wealth despite the downturn.

Zhou Chengjian, who set up fashion brand Metersbonwe, raked in US$2.6 billion last year and ranked 246. Zhou, 44, opened his first shop in Wenzhou, Zhejiang province, in 1995; the company now operates more than 2,000 stores nationwide.

"Due to the economic downturn, the electrical appliance market is facing a slowdown but we will continue to open 210 stores as planned this year," Zhang Jindong, chairman of Suning Appliance, told China Daily yesterday. Zhang ranked 234th with an estimated net worth of US$ 2.7 billion.

Guo Guangchang, president of Fosun Technology Development Company, estimated to be worth US$1.1 billion, was ranked 647th on the list, but his wealth almost halved from 2 billion last year.

Yang Huiyan, last year's richest mainlander, saw her wealth shrink from US$7.4 billion to US$2.3 billion due to the plunge in property prices. Yang, 27, who inherited a vast fortune from her real-estate developer father in 2007, ranked 296th on this year's list, down 171 spots.

Almost half of the 19 mainland Chinese billionaires who fell off the list this year were property developers.

Seven developers fell victim to the real estate downturn. Zhang Songqiao, chairman of C C Land, saw 85 percent of his wealth wiped out and is now said to be worth US$300 million.

"It is not surprising because the global financial crisis has hit all sectors worldwide. It is just the beginning and more billionaires will disappear from the list," Wu Qinxue, director of Beijing Union University's Institute of Applied Economics and Management, told China Daily.

Chief Executive of Forbes Magazines Steve Forbes said: "Billionaires don't have to worry about their next meal, but if their wealth is declining and you're not creating numerous new billionaires, it means the rest of the world is not doing very well.

"The typical billionaire is down at least one-third on net worth."

Globally, Microsoft Corp founder Bill Gates regained his top position by overtaking fellow American and investor Warren Buffett with a net worth of US$40 billion after slipping to third last year when he was worth US$58 billion.

Hong Kong tycoon Li Ka-shing is the richest Chinese, ranked 16th on the latest list. Li, reportedly worth about US$16.2 billion, was ranked 11th last year with US$32 billion.

Xinhua and agencies contributed to the story