RECHARGEABLE BATTERY AND CAR MAKER WANG CHUANFU TOPS 2009 HURUN RICH LIST
● ELECTRIC CAR PRODUCER WANG CHUANFU RICHEST
MAN IN CHINA WITH WEALTH OF US$5.1 BILLION. WARREN BUFFETT MIDAS TOUCH PROVEN
AGAIN.
About the 2009 Hurun Rich List series About Hurun Report Inc
● TOP TWO MAKE MONEY FROM ‘GREEN INDUSTRIES’:
ELECTRIC CARS + RECYCLED PAPER
● CHINA’S RICH PUT CREDIT CRUNCH BEHIND THEM:
CUT-OFF TO MAKE THE TOP THOUSAND ON THE HURUN RICH LIST RISES 50% TO US$150
MILLION
(28 September 2009, Hainan Island) Hurun Report released the Top Two Richest
Individuals from the 2009 Hurun Rich List, a ranking of the 1000 richest
individuals in China, sponsored by Hainan Clearwater Bay, a luxury property
development on Hainan Island. The full list shall be released later in October.
43-yr old Wang Chuanfu of BYD is the richest man in China with wealth of US$5.1
billion, followed by 'Paper Queen' Zhang Yin of Nine Dragons Paper. Wang and
Zhang are leading China’s ‘Green Revolution’.
“Wang Chuanfu has made it to Number One in China on the back of the 30% growth
of the Chinese car industry, the Warren Buffett Midas touch and the recovery of
the Chinese economy,” says Rupert Hoogewerf, founder and compiler of the Hurun
Rich List. “BYD is leading the foray into the next generation of cars using
clean technology.”
Wang Chuanfu powered by Buffett Midas touch
43-year old Wang Chuanfu saw his wealth shoot up five-fold to take top spot on
the 2009 Hurun Rich List with wealth of US$ 5.1 billion. Last year Wang was
ranked 103 with wealth of US$880 million. Wang’s 27.8% of HK-listed BYD hit the
big-time shortly after Warren Buffett bought 10% of the company one year ago.
BYD is highly regarded for its technology and innovation, and is considered a
leader of the new generation of ‘green cars’.
Founded in 1995, BYD made its name initially with rechargeable batteries for
mobile phones, a sector in which he took on and then beat his Japanese
competitors with his innovative and flexible manufacturing, before moving into
cars in 2003. BYD became the first manufacturer in China to sell a plug-in
electric hybrid car.
Buffett’s initial investment of US$230 million has grown to US$1.8 billion,
reaffirming China’s admiration for the investor. Whilst significantly all of
Wang’s stock is made up of H-shares that cannot be freely sold or traded, for
valuation purposes, it is normal to value this type of restricted shares on a
par with fully tradable shares.
Zhang Yin & family
Zhang Yin, the first woman to take top spot on the 2006 Hurun Rich List, has
seen her stock rebound over the past year in line with the Chinese economy. The
‘Paper Queen’ owns 72.25% of HK-listed Nine Dragons Paper together with husband
Liu Mingzhong and brother Zhang Chengfei. Nine Dragons Paper imports recycled
paper and processes it into packaging and paper materials primarily targeted at
China’s export industry.
China now has 130 US Dollar billionaires
Despite the greatest wealth destruction in the West in the past seventy years,
China’s rich are getting richer and seem to have put the credit crunch behind
them. The cut-off to make the Top 1000 has risen to US$150 million, up from
US$100 million last year.
The number of known US Dollar billionaires in China has grown to 130, up from
101 in 2008. “I estimate there to be the same number again of US Dollar
billionaires that we have not yet found,” says Rupert Hoogewerf, founder and
compiler of the Hurun Rich List.
The cut-off date for valuation of listed companies was 15 September 2009. The
exchange rate used for US$ was RMB 6.8. The Hurun Rich List relates to Mainland
Chinese only, defined as someone born and brought up in Mainland China, no
matter what passport they might hold today.
What about Huang Guangyu, last year’s Number One?
Huang Guangyu still makes the Top 20 of the Hurun Rich List, despite his arrest
last December. Huang still retains ownership of his shares in electronics
retailer Gome and his property assets in Beijing.
Number Ones over the years
Year
Name
Wealth US$m
Company
Industry
1999
Rong Yiren
1,000
Citic Pacific
Investments
2000
Rong Yiren
1,900
Citic Pacific
Investments
2001
Liu Yongxing, Liu Yonghao & bros
1,000 Hope Group
Pig feed
2002
Larry Rong Zhijian
850
Citic Pacific
Investments
2003
William Ding Lei
900
Netease
Internet portal
2004
Huang Guangyu
1,300
Gome
Electronics retail & real estate
2005
Huang Guangyu
1,700
Gome
Electronics retail & real estate
2006
Zhang Yin & family
3,400
Nine Dragons Paper
Paperboard
2007
Yang Huiyan
17,500
Country Garden
Real estate
2008
Huang Guangyu
6,300
Gome
Electronics retail & real estate
2009
Wang Chuanfu
5,100
BYD
Electric cars & rechargeable batteries
The 2009 Hurun Rich List series is made up of the main rich list, 13 industry
lists (including this year’s new ‘China Green Rich List’), 31 regional lists and
a list of the Richest Women in China. The detailed lists are below:
1. Hurun Rich List, a listing of the 1000 richest Chinese with a
cut-off of US$150 million.
2. Richest Women in China, fourth annual listing of the fifty richest
Chinese women.
3. Power List, seventh annual list of the ten most powerful individuals
from the China Rich List.
4. Cash Out List, third annual list of the thirty Chinese that have
cashed out US$100 million or more.
5. Industry lists
1. Green Rich List (first year, list of 50
individuals),
2. Property (seventh year, list of 50
individuals),
3. IT (seventh year, list of 50 individuals),
4. Industrial manufacturing (second year, list
of 50 individuals),
5. Retail (seventh year, list of 30
individuals),
6. Steel (third year, list of 30 individuals),
7. Mining (second year, list of 30 individuals),
8. Apparels (third year, list of 30
individuals),
9. Pharmaceuticals (third year, list of 30
individuals),
10. Financial Services (fifth year, list of 25
individuals),
11. White Goods (second year, list of 10
individuals);
12. Venture Capital (second year, list of 10
individuals),
13. Restaurants (third year, list of 15
individuals),
‘Nobody Knows China’s Rich Better’!
Established as a research unit in 1999 by British accountant Rupert Hoogewerf,
Hurun Report Inc has grown into a leading luxury publishing group in Shanghai,
China, comprising a luxury monthly magazine, the Hurun Report, The Hurun
Research Institute and an active business events division targeting China’s
entrepreneurs and high net worth individuals.
Hurun Report magazine is published monthly and reaches the households of 90,000
proven wealthy Chinese individuals and their advisers. Hurun Report Inc also
publishes Hurun Polo & Equestrian, and The Schools Guide Series.
Magnolia Award presented by Shanghai Government
In September 2009, the Shanghai government presented Rupert Hoogewerf, founder
of Hurun Report with the Magnolia Award. Hoogewerf was one of the few
entrepreneurs, with the others primarily senior representatives of large
multinationals, including GE, Diageo, Shiseido, IKEA, Accenture, Mitsubishi,
Bosch, Krupp, ABB, General Motors, Yum, etc… "This is a significant government
endorsement of the work Hurun Report has done this past decade." says Rupert
Hoogewerf.
Named after Shanghai’s official flower, the Magnolia Award is the highest honour
bestowed by the City on foreigners who have ‘contributed significantly to
Shanghai’s economic performance, international relations, business environment,
management standards and community development.’