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Li Ka-shing Cashing in At Top of China Richlist

Who are the richest individuals in each province of China?

07·30·2013

A map that marks the richest individuals in China from each province has been released. Chinese media boasts that, while China may not be the richest country, it is the country with the most rich, regardless of the Gini coefficient and GDP. According to the Hurun Report, in the province of Hebei alone, more than 42,000 people have assets worth over 6 million RMB and one in every 4,300 people is a multimillionaire.

Hong Kong’s Li Ka-shing still tops the list of richest Chinese with over 200 billion yuan.  Each region’s richest man’s assets seem to correlate with the region’s economic status, as indicated by the map. Ningxia province’s richest man owns the lowest amount of assets at 2.2 billion. Correspondingly,  Ningxia’s GDP in 2012, 232.66 billion yuan, ranks the third lowest among China’s 31 provinces (excluding Hong Kong, Macau, and Taiwan).

In a promising change, three of the richest provincial individuals are female. Leong On Kei owes some of her health to her husband, Macau’s casino tycoon, but the other two female multimillionaires (Wu Yajun from Chongqing, Zhou Yaxian from Guangxi) both earned theirs through entrepreneurship. According to Hurun Report, China has the most female entrepreneurs in the world, and  seven of the world’s Top ten female entrepreneurs are from China.

Most of these multimillionaires are between the age of 50 and 65, only one is from the post-80s generation — Shanxi’s Li Zhaohui, whose wealth comes from inheritance. Members of the post-70s generation, Yunnan’s Yan Yu and Guizhou’s Xiao Chunming earned their fortune with entrepreneurship. Real estate remains the most profitable industry, thanks to China’s undergoing urbanization process.  Nearly a quarter of these richest individuals are in the real estate business. In the recently released China’s Fortune 100, it was revealed that a quarter of the families are in real estate. Internet is another emerging industry; China’s new richest man, Ma Huateng, CEO  of China’s internet giant Tencent, rose to No 1 in the richest family in China chart this year. Robin Li, co-founder of Baidu, ranks 2nd.

You can view the full list of richest individual by province here.

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