San'an Optoelectronics founder Lin Xiucheng remains richest man in Xiamen

Updated: 13 Sep 2013
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Xiamen's richest man: Lin Xiucheng (File photo)
Lin Xiucheng, founder and chairman of San’an Optoelectronics, remains the richest businessman in Xiamen with an estimated fortune of 14 billion yuan (US$2.3 billion), ranking 72nd on the Hurun Wealth Report 2013 which was released on Wednesday.

A total of 12 billionaires from Xiamen made the list this year, the same number as in 2012. The property market remained the top source of wealth, with 8 of the 12 listed Xiamen billionaires having made their fortunes in the real estate industry.

Xu Rongmao, founder and chairman of Hong Kong-listed Shimao Property, whose wealth rose 43% to 43 billion yuan (US$6.9 billion), ranked 8th on the list, replacing Chen Fashu as the richest man in Fujian province. The 63-year-old has maintained a stable position on the list, ranking among the top 10 eight years out of the last ten. 

Wang Jianlin, head of conglomerate Wanda Group, is now China's richest person with an estimated wealth of US$22 billion, says Hurun Wealth Report
The No. 1 on the list is 59-year-old Wang Jianlin, head of the Wanda Group conglomerate. Wang saw his wealth double to $22 billion in the past year, or around a third of the fortune amassed by Microsoft founder Bill Gates (around $67.5 billion).

Zong Qinghou, owner of the popular canned-drinks company Wahaha and last year’s richest billionaire in China, expanded his fortune by about 50% in the past year but still came in behind Wang with $18.7 billion.

The remainder of the top five are new to the elite group: Pony Ma, CEO of Tencent, the tech company that operates China’s popular instant messaging software QQ; Wei Jianjun, the chairman of Great Wall Motors; and real estate developer Yang Huiyan, the 32-year-old woman who became the majority shareholder of Country Garden Holdings, which was started by her father in 1997. These 5 have seen their wealth double in the past year.

Despite fears of there being a real estate bubble in China, one in four on the list of the top 1,000 earners made their fortunes in real estate, which has overtaken manufacturing to become the top source of wealth this year. IT and entertainment also had a great year, with the number of individuals making their money in those industries growing 20%.

However, the news wasn't so good for natural resources (especially coal mining), manufacturing, steel, retail and apparel, as the number making the list from those sectors dropped 5% to 10% this year. Pharmaceuticals, investments and the auto industry, however, all had a good year.

Overall, 599 of the top 1,000 saw their wealth grow in the past year, while 252 saw it shrink, according to the Hurun Wealth Report 2013
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