Zhang Yin - The Richest Woman in China By Richard Johnson
IDN-InDepth NewsAnalysis
Deng Xiaoping's 'socialism with Chinese characteristics', an acronym for socialist planning with a market economy, is beginning to bear fruits the kind of which the trigger behind economic reform would not have imagined. A new report finds that not only does China have more billionaires than any other country in the world, but also that 11 out of 20 female billionaires around the globe are Chinese.
In fact, the world's three richest self-made women are from China."China is the world's clear leader for women in business," says Rupert Hoogewerf, founder and compiler of the Hurun Rich List. "There is no other country that comes even close to touching the number of self-made women in China."
The Hurun Rich List 2010 ranks 1363 individuals – up from 1000 in 2009 -- with personal wealth of one billion Chinese yuan (USD150 million) and follows on from the earlier release on September 29 of the Hurun Top Five. Hainan Clearwater Bay, a luxury property developed by Hong Kong listed Agile Property, is the sponsor of the Hurun Rich List for the second consecutive year.
Despite the domestic stock markets down by 10 percent over the 2009, the richest Chinese have seen their fortunes continue to grow fast: the average wealth of the Hurun 1000 grew 64 percent over the past two years and 26 percent in 2009.
"There are 189 US Dollar billionaires that we know of, suggesting that China today has more billionaires than anywhere else in the world, 400 to 500 billionaires, surpassing even the U.S.," states the Institute.
Hoogewerf notes that173 individuals, representing 12 percent of The Hurun Rich List have been appointed to significant government advisory posts, handing them a powerful platform in a business climate which values official contacts.
"China’s richest are looking to win official political status," says Hoogewerf. "They are growing in confidence, based upon employing ever more staff and paying ever higher taxes."
There are 80 individuals, compared to 7 in 2009, who are delegates to the China People’s Political Consultative Congress (CPPCC), four of whom are on its Standing Committee. The Standing Committee members are Wang Jianlin, Lu Zhiqiang, Wang Yusuo and Liu Hanyuan.
There are 83 individuals, compared to 76 in 2009, who are delegates to the National People's Congress (NPC).
Hoogewerf further points out that there are seven delegates to the 17th National Congress of the Communist Party of China. These are Liang Wen'gen, ranked four, Wang Jianlin, ranked seven, Shen Wenrong, ranked 13, Zhou Haijiang (son of Zhou Yaoting), ranked 149, Li Denghai, ranked 223, Zhu Xianggui, ranked 902, and Chen Ailian (wife of Wu Liangding),ranked 902.
There are also twelve deputy chairmen of the All-China Federation of Industry & Commerce (ACFIC),a business association representing the private sector. These include Wang Jianlin, ranked seven, Zhang Jindong, also ranked seven, Xu Rongmao, ranked ten, Lu Zhiqiang, ranked 25, Liu Canglong, ranked 29, Xu Lianjie, ranked 66, Wang Wenjing, ranked 102, Fu Jun,ranked 330, Wang Wenbiao, ranked 369, Liu Zhiqiang, ranked 446, Wu Yijian, ranked 498 and Liu Yingxia, ranked 543.
Wang Jianlin is the individual on the Hurun Rich List with the largest number of significant government advisory posts, says Hoogewerf.
INDIVIDUALS WITH FORTUNES
According to the list, 65-year old Zong Qinghou of Wahaha is the richest man in China with a personal fortune of US$12 billion. 'Drinks King' Zong has grown Wahaha into China's dominant drinks business with expected profits this year of USD 1.5 billion and 30,000 employees. This year, Wahaha finally settled its protracted dispute with France-based Danone. Zong, who,together with his wife and daughter owns 60 percent of Wahaha, has jumped up from twelfth place in last year’s list.
Li Li & family caused a sensation when Hepalink went public in May 2010, catapulting him straight into second place on the list with a personal fortune of USD 6 billion. Li Li, 46 years, his wife Li Tan and her cousin Shan Yu founded the business in 1998 and together own a 75.6 percent stake. Hepalink makes heparin, a blood thinner purified from pig intestines, used to prevent blood clots. This is the first time a pharmaceutical tycoon has made it into the Top Five of the Hurun Rich List.
Liang Wen'gen is proof of the adage that if you want to make money in a gold rush, sell shovels to gold miners. 54 year old Liang jumped 16 places to fourth with a personal fortune of USD 5.4 billion. Liang sells construction equipment to businesses feeding off the great Chinese urbanization boom and has, in the process, made himself richer than any property developer.
The Hurun Research List stated on October 12: Liang’s wealth rose sharply largely after listing a second subsidiary, this time in Hong Kong. The only company from the Hurun Top Five headquartered in China's poorer Western regions, Liang has overseen Sany's growth into one of the world#s biggest makers of construction equipment, with sales last year of USD 4.5 billion and 46,000 employees. Liang owns 58.2 percent of the group.
Robin Li Yanhong saw his wealth double year on year, placing him fifth on the list with USD 5.3 billion. 42-year-old Li has Google's departure from China to thank for Baidu's sharp share increase, and is this year lining up Baidu to take on Taobao in the online shopping market.
Yan Bin has grown his fortune on the back of a strong performance in sales of Red Bull energy drinks in China, which are expected to hit USD 800 million this year. Fifty-six year old Yan started his business in Thailand and is also known by his Thai name of Chanchai Ruayrungruang. Apart from Red Bull, Yan owns the luxury Reignwood Group, which includes the best-known golf club in Beijing.
'Paper Queen' Zhang Yin, 53 years, sees her wealth grow by almost a billion U.S. dollars to USD 5.6 billion on the back of growth in the domestic retail market. Li Li's rise, however, drops Zhang down one place to third. Notwithstanding this, Zhang remains the richest woman in China, and the richest self-made woman in the world.
Property King Wang Jianlin of Wanda is one of only three people from last year's Top Ten to increase their rankings, up three places to seventh with a personal fortune of USD 5 billion. Wanda has announced that by the end of this year, it expects to have 42 completed Wanda Plazas and 18 five-star hotels around the country, and owns China's largest cinema chain. Wanda is one of four companies in the Top Ten, including Wahaha, East Hope and Ruoy Chai not yet to have gone public. Wang is a big collector of art.
60-year-old property tycoon Xu Rongmao is the most consistent performer of the Hurun Rich List, having been in the Top Ten now for ten years, says the Institute.
Liu Yongxing, he winner of the Hurun Most Respected Entrepreneur of the Decade in 2008, drops down two places to seventh with USD 5 billion. Starting out with pig feed, Liu's most valuable business today is industrial manufacturing of alumina.
Zhang Jindong of Suning has risen to seventh place with a personal fortune of USD 5 billion. Suning has eight individuals on the Hurun Rich List. With 1100 stores, Suning has seen its market value pull away from its rival Gome, owned by 41-year old Huang Guangyu, who continues to make the headlines, despite being in jail.
Huang, ranked 21 with USD 3.5 billion, is locked in a battle with the current chief executive of Gome. Gome also has 1100 stores under its brand, 740 of which are held by the listed company that is a third owned by Huang. Huang used to be the richest man in China in 2008, but was sentenced to fourteen years in jail for graft and embezzlement. Zhang owns 31.7 percent of Suning.
OUT OF TOP TEN
Last year’s number one Wang Chuanfu, 44 years, has seen his wealth drop 10 percent, placing him twelfth on the list with USD 4.6 billion.BYD is expected to sell 600,000 cars this year down from its original forecast of 800,000 units.
For residential property, 2009 has been a challenging year, with stocks down by a quarter on average. This has resulted in Yang Huiyan, husband and wife team Huang Wei and Li Ping, Lu Zhiqiang and Zhu Mengyi all dropping out of the Top Ten down ten to 20 places, leaving Wang Jianlin and Xu Rongmao as the only pure property players in the Top Ten.
This year there are only two pure property tycoons in the Top Ten, compared with six last year.
"Not only is 2010 the first time in ten years a property tycoon has not made the Top Five," says Rupert Hoogewerf, founder and compiler of the Hurun Rich List. "But it is also the first year that a construction equipment manufacturer has made more than any property tycoon. It is the modern equivalent of the California gold rush when selling shovels to the gold miners was the guarantee of success."
Four new faces make the Top Five this year, led by the 'Drinks King' Zong Qinghou of Wahaha and the heparin manufacturer Li Li, Hoogewerf.
