Young billionaires worldwide tend to inherit their capital, but not in China. In China very few of the rich inherit their wealth, tells Rupert Hoogewerf of Hurun of the China Rich List in the 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.
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