China Herald: Construction boosts China's richest

Liang Wengen, a former weapon producers, tops China's rich list thanks to his construction firm, boosted by the country's building spree, said Rupert Hoogewerf, founder of the Hurun China Rich list to AP. Liang pushed drinks-maker Wahaha-owner Zong Qinghou to the second place. AP:

The Hurun Rich List 2010 ... said 55-year-old Liang Wengen, a former weapons plant manager and chairman of Sany Heavy Industry Co., leads the country's fast-growing ranks of super-wealthy. A surge in Sany's share price doubled his fortune last year, to $11 billion, said Rupert Hoogewerf, who studies China's wealthy and compiled the list. Consumer goods, Internet and property tycoons dominated the top of the list. China's fast-growing economy has helped it to shrug off much of the impact of the global financial crisis: of the Hurun list of China's 1,000 richest people, 271 were billionaires in U.S. dollar terms, up from 189 in 2010, he said. Zong Qinghou, head of the Wahaha beverage empire, dropped to second place with $10.7 billion, while Robin Li Yanhong, chairman of search engine company Baidu Inc. was third, with $8.8 billion. Red Bull energy drinks mogul Yan Bin was fourth, with $7.8 billion. China has thrown trillions of dollars into new housing, railways and other infrastructure, driving a massive construction boom that has benefited manufacturers of machinery, cement and other building materials.

More in AP Rupert Hoogewerf is a speaker at the China Speakers Bureau. When you need him at your meeting or conference, do get in touch.