Richest Chinese People 2006

Business Reviews - News Stories

Forbes Rich Chinese List 2006
Review of the China's richest people
according to the Forbes business magazine, 2006

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Forbes Rich List - The 400 Richest Chinese People in 2006

With China now embracing the ways of the West, entrepreneurs are cashing in on a new type of consumer that wants all the things that the wealthier western countries like the United States take for granted. Luxury goods, real estate, home appliances, and cars are now consumed like never before in the country that has an economy growing at ten percent each year.

The richest Chinese man is the 37 year old Wong Kwong Yu of Gome Appliances. The economic boom in China has meant that home owners now want to fill their homes with all the latest electrical appliances. So if you are the country's largest electronic appliance retailer like Gome Appliances is, you will reap the profits of such a boom. Wong Kwong Yu has an estimated $2.3 billion US dollars in assets according to the Forbes business magazine.

Compared to America's richest people in 2006, the Chinese rich list is quite small when measuring assets. But China's new rich are much younger and growing much faster than their American counterparts. Because of China's communist history there is very little inherited wealth like there has been in the USA. Wong Kwong Yu would have only been ranked 133rd on the American Rich list in 2006, but as the new middle class in China become hungry for products, entrepreneurs like Wong will see their fortunes grow rapidly.

In 2005 the combined wealth of the 400 richest Chinese people was just $26 billion. In 2006 their combined wealth grew more than 50 percent to $38 billion. With no sign of an economic slow down on the horizon there is little evidence to show that this growth won't continue in China.

There are now fifteen Chinese billionaires, up from ten billionaires in 2005, and just four billionaires in 2004. The cut off point for entry on the Chinese rich list in 2005 was $62 million and has now increased to $100 million for a place on the 400 richest.

China's richest woman is the 49 year old Yan Cheung of Nine Dragons Paper Holdings with $1.5 billion in assets. Cheung is the fifth richest Chinese person and one of six, mostly self made rich women in China.

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Richest Top 10

Top 10 wealthiest people in China 2006 according to the Forbes business magazine.
(All figures in American Dollars)

1. Wong Kwong Yu, $2.3 billion, Gome Appliances
2. Xu Rongmao, $2.1 billion, Shimao Group
3. Larry Rong Zhijian, $2 billion, CITIC Pacific Group
4. Zhu Mengyi, $1.9 billion, Hopson Development
5. Yan Cheung, $1.5 billion, Nine Dragons Paper Holdings
6. Zhang Li, $1.45 billion, R & F Properties Group
7. Shi Zhengrong, $1.43 billion, Suntech Power
8. Liu Yongxing, $1.16 billion, East Hope Group
9. Guo Guangchang, $1.15 billion, Fosun High-Tech Group
10. Lu Guanqiu, $1.14 billion, Wanxiang Group