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| Rupert Hoogewerf |
Shanghai Daily:
Up to three-quarters of young billionaires on the Chinese mainland earned their money from investments or in business rather than inheritance, the "Richest Chinese Under Forty List" for 2012 shows.
Of 33 individuals under 40 with at least 1 billion yuan (US$158 million) in personal assets, only eight inherited from their families, according to the list released by the Hurun Research Institute yesterday...
But 25 self-made billionaires made it onto the list, including six of the top 10. "The findings defy the usual assumption that the young rich community in China is largely made up by heirs to old money," said Rupert Hoogewerf, researcher and publisher of the Hurun Report. "There are actually many rags-to-riches stories."
Fang Wei, 39, chairman of Beijing-based China Fangda Group, led the self-made billionaires with a 15 billion yuan fortune, ranking 2nd on the list. Founded in 1991, the industrial group specializes in chemicals, pharmaceuticals, steel and iron products.
Chen Tianqiao, 39, chairman and CEO of Shenda Interactive Entertainment, was the second richest Chinese mainland entrepreneur with 9 billion yuan.More in the Shanghai Daily.
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More on Rupert Hoogewerf and China's wealthy at Storify.
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1 comment:
Well this is something of an odd comment. Mainland China had very little wealth until recently when it began allowing some capitalist systems into the country, however that has only recently begun to manifest itself and it is still a little early for inheritance to kick in, although it's just started to begin.
But concerning HongKong, Taiwan and the overseas diaspora, inheritance has been on the cards for years and often the subject for very juicy family lawsuits - Nina Wang, Stanley Ho etc to name just two.
Accordingly Rupert's theory is not entirely correct and will be eradicated over the next two decades. It's a retrogressive viewpoint.
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