Many young Chinese billionaires built fortune from scratch
May 16th, 2011 - 4:58 pm ICT by IANSBeijing, May 16 (IANS) Most of the young billionaires in China have built their fortune from nearly nothing, said a media report.
There are 1,900 billionaires living in China.
As many as 80 percent of the people who have at least 1 billion yuan ($154 million) and are below 40 years of age made their career after starting at the bottom, reported China Daily citing the Hurun Report that was on 56 super-rich people.
Thirtynine-year-old Ma Huateng who is co-founder of China’s largest Internet company Tencent is right on top of the rich list with a fortune worth 32 billion yuan.
The young billionaires worked to build their fortunes and did not inherit it. As many as 44 of them started businesses from scratch, while just 12 inherited fortunes or estates.
Hurun Report chief researcher Rupert Hoogewerf said China’s new generation of the super-rich are better educated, more promising and more cosmopolitan.
Nearly each had been to college and of them 20 percent had earned a master’s or higher degree. Fifty percent had studied in the US or Europe, the media report said.
Six percent of those surveyed had been to business schools.
- Shanghai - a city with 132,000 millionaires - May 13, 2011
- China's wealthy get wealthier - Sep 23, 2011
- 11 of the world's top 20 wealthiest self-made women are Chinese - Oct 13, 2010
- 83 people on Hurun rich list have $1.5 trillion - Mar 06, 2012
- Beverage giant chief becomes China's richest man - Sep 30, 2010
- China has 960,000 millionaires and still counting... - Apr 13, 2011
- China's Zhang Yin is world's richest woman - Oct 13, 2010
- China has 189 billionaires - Oct 12, 2010
- China's super-rich to get richer - May 08, 2012
- China's super-rich only second to US - Oct 13, 2009
- China's rich building wealth in property - Dec 24, 2011
- Beijing has largest number of rich people in China: Hurun Report - Aug 24, 2009
- Mexican Carlos Slim tops world's rich list - Mar 11, 2010
- Car battery tycoon tops China's rich list - Nov 05, 2009
- Chinese buying 300 sq km of land in Iceland - Aug 31, 2011
Tags: 1 billion, beijing, business schools, chief researcher, china daily, co founder, europe, fortune, fortunes, higher degree, hurun report, internet company, living in china, new generation, rich list, rupert hoogewerf, scratch, tencent, yuan