China Billionaires: Sharp Rise In Richest

There has been a big rise in the number of billionaires in China, with a developer who bought one of the biggest US cinema chains being named the country's wealthiest tycoon.

The number of Chinese people worth at least $1bn (£633m) has risen by 64 to 315 this year thanks to a surge in stock prices, according to the Hurun Report, which follows China's wealthy.

The top five on the rich list saw their wealth double, Hurun said.

Property developer Wang Jianlin is in charge of Dalian Wanda Group, a company that operates hotels, cinemas and department stores.

Mr Wang is ranked number one for the first time on Hurun's annual list of Chinese tycoons.

He has a fortune of $22bn (£14bn) ahead of last year's top billionaire, beverage entrepreneur Zong Qinghou, who came in second with $18.7bn.

Mr Wang's company bought AMC cinemas last year for $2.6bn (£1.6bn) in the biggest Chinese acquisition of a US company to date.

Number three on the Hurun list was Ma Huateng, also known as Pony Ma, the founder of Tencent, a popular provider of online games and entertainment, at $10.1bn.

Beverage entrepreneur Zong Qinghou ranked second on the list

China's richest woman was Yang Huiyan at number five with $8.3bn.

A decade ago, China had no dollar billionaires.

Now the country has more billionaires than any other country except the US.

The latest rankings reflect the rapid changes in China's economy and shifts in wealth from one industry to the next.

One in four of the 1,021 people on the Hurun rich list made their money from property, which passed manufacturing to become this year's top source of wealth in China.

Hurun said 559 of those on the list saw their wealth grow, while 252 saw their fortunes shrink.

Property prices in China have soared, driven partly by a flood of government spending and bank lending in response to the 2008 global crisis.

The surge in asset prices has helped widen the gulf between China's wealthy elite and the poor majority, fuelling social tensions.

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