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Richest Chinese People 2008

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Forbes Rich Chinese List 2008
Review of the China's richest people
according to the Forbes business magazine, 2008

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The Richest Chinese People Forbes Rich List - The 400 Richest Chinese People in 2008

China had a booming industry in 2007 and its wealthy residents amassed billions of dollars in fortunes. 2008, however, has turned out to be less than ideal for China's elite and Forbes recent list of China's top 400 richest people reflects just how much the global economy is affecting them. The estimated combined net worth of China's 400 in 2008 was $173 billion, over $100 billion less than the previous year. Losses and drops in assets are blamed on the recent 60% drop in mainland stocks combined with a 50% decline in shares in Hong Kong.

2008 also marked a decline in the number of billionaires that made the list. In 2007 there were a record 66 billionaires on the list and 2008 saw only 24. Changes in numbers marked changes in losses, too. Last year's richest person, Yang Huiyan, lost the most in 2008, losing $14 billion to settle at $2.2 billion in net worth. While she lost the most of anyone, she still managed to rank third on the 2008 list.

Many individuals who ranked on last years list have lost over half of their wealth in recent months. Government intervention on credit lending, a pending US recession, and steady global economic decline have resulted in losses in many sectors of China's economy. As a result, 2008 marked one of the slowest years of growth for China in recent history. Experts expect tighter credit lending and slow growth to affect smaller businesses more so than larger corporations.

But even in tough economic times, some of China's business men and women have managed to thrive. Liu Yongxing, an agricultural feed entrepreneur, tops this years list with a net worth of $3 billion. Another big winner, Zhou Chengjian who owns the clothing company Shanghai Metersbonwe Fashion & Accessories, jumped 351 spots from the 2007 list after he listed his company in August, setting his net worth at $2 billion.

Other top spots on the 2008 list include Wong Kwong Yu, Liu Yonghao, Zang Jingdong, and Robin Li. Net worth was calculated based on the individuals assets as of October 17, 2008.



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top 10 rich list Richest Top 10

Top 10 wealthiest people in China 2008 according to the Forbes business magazine.
(All figures in American Dollars)

1. Liu Yongxing, $3 billion, East Hope Group, Shanghai
2. Wong Kwong Yu, $2.7 billion, Gome Electrical, Beijing
3. Yang Huiyan, $2.22 billion, Country Garden, Foshan
4. Liu Yonghao, $2.2 billion, New Hope Group, Chengdu
5. Zhou Chengjian & family, $2 billion, Metersbonwe, Wenzhou
6. Zhang Jindong, $1.8 billion, Suning Appliances, Nanjing
7. Robin Li, $1.7 billion, Baidu.com, Beijing
8. Du Shuanghua, $1.6 billion, Rizhao Steel, Hengshui
9. Ma Huateng, $1.58 billion, Tencent, Shenzhen
10. Zhou Furen & family, $1.55 billion, Xiyang Group, Haicheng

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