China’s Rich see their fortunes shrink further amid the global economic crisis
October 28 2008, Shanghai Hurun Research Institute today released a report
recalculating the personal wealth of the Top Twenty entrepreneurs on the Hurun
Rich List that own listed companies in order to gauge the current effects of the
economic downturn on personal wealth.
The total reduction in the Top Twenty’s fortune was US$19.3 with an average
wealth decrease of 50.47%. Rong Zhijian and CITIC Pacific Group saw a fortune
decrease of 85% between 1 September and 28 October 2008; whilst Zhang Yin and
Nine Dragons Paper lost 83% in the same time frame.
Midea and Metersbonwe were the two companies to suffer the least. He Xiangjian
of Midea saw a fortune reduction of 18% and Metersbonwe’s Zhou Chengjian has
lost 21% of his wealth.
Rupert Hoogewerf, Chairman and chief researcher at Hurun Report, says, “In Hurun
Report’s ten year history, I have never seen fortunes fall so much in so little
time – it is unprecedented.”
Methodology
On 28 October 2008 the share holdings of the Hurun Rich List’s Top Twenty
entrepreneurs with listed companies was calculated. The percentage decrease from
1 September 2008 (the cut-off for the Hurun Rich List) was then calculated.
28 October 2008 Wealth Shrinkage Report
2008 CRL Rank
Name
Company
Wealth acc to 2008 Hurun Rich List (US$m)*
…of which, wealth created from listed companies (US$m)*
Wealth created from listed companies at 28 Oct 2008 (US$m)
% Decrease in wealth from listed companies
1
Huang Guangyu
Pengrun Investments
6300
2000
800
60
3
Yang Huiyan
Country Garden
4900
4300
1600
63
4
Peng Xiaofeng
LDK Solar
4000
4000
1200
70
5
Rong Zhijian
Citic Pacific
3700
1500
220
85
7
Zhang Jindong
Suning
3200
2600
1000
62
7
Shi Zhengrong
Suntech Power
3200
2800
800
71
9
Xu Rongmao
Shimao
3100
2700
1100
59
10
Zhu Mengyi
Hopson Development
2900
1300
400
70
12
He Xiangjian
Midea Group
2850
1100
900
18
13
Liu Yonghao
New Hope Group
2800
1400
1000
28
14
Lu Guanqiu
Wanxiang Group
2700
650
500
23
15
Zhang Yin
Nine Dragons Paper
2600
2000
300
85
18
Zhou Chengjian
Metersbonwe
2500
2500
2000
25
20
Li Yanhong
Baidu
2400
1900
1200
37
20
Lu Zhiqiang
Fanhai
2400
1600
1200
25
20
Shi Yuzhu
Giant Investments
2400
2100
1400
33
20
Zhu Yicai
Yurun Group
2400
1150
700
39
* Wealth calculated at 1 September 2008, for the purpose of the 2008 Hurun Rich
List