China’s wealthiest unfazed by global turmoil

Jupiter Kalambakal – AHN News Reporter

Beijing, China (AHN) – The financial breakdown gripping most global economies today might have little effect or perhaps none at all to China’s wealthiest.

Forbes, in its recently issued annual list of China’s richest people, revealed the Asian country had in fact increased its billionaires’ roster this year to 146 individuals, up by 14 percent from from 128 last year.

Liang Wengen, chairman of construction equipment manufacturer Sany Heavy Industry, is the richest person in China with a net worth of $9.3 billion, moving up from third place last year when he was worth $5.9 billion. Liang owns 58 percent of the Sany Group, which sells construction and transport machinery such as pile drivers and wind turbines.

Second was Robin Li, co-founder of search engine Baidu, with a net worth of $9.2 billion, up from $7.2 billion a year ago. Li was the no.1 among billionaires from China on Forbes Billionaires List published in March 2011.

However, many of China’s wealthy have been reported to wanting to leave China, citing better educational opportunities for their children and quality of life concerns on other shores. At least 27 percent of the 20,000 Chinese citizens with more than $15 million in individual investment assets had emigrated, and 47 percent are considering it.

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