It's been a bumper year for China's super rich, never mind the growing gloom and doom over the global economy. The Shanghai-based Hurun Research Institute's 2011 rich list, which tallies up China's 1,000 richest men and women, has for the first time hit a record 271 billionaires. The cut-off to make this annual list has doubled from two years ago to $310 million.
On the whole, China's 1,000 richest people have an average wealth of $924 million. The country is now also home to about one million people with a personal wealth of $1.5 million or more, according to the Hurun Report. In comparison, the U.S. had over three million people with $1 million or more in investible assets in 2010, according to a report from Merrill Lynch and Capgemini.
China’s millionaires have been growing at a double-digit pace — up nearly 10 percent from last year. The construction boom, together with rapid urbanization has been the biggest driver of wealth in the world's second-largest economy. 29 of the top 50 richest people on this list count on property as one of their main source of wealth. The rich are also politically well connected with almost 30 percent of the top 50 being members of China's government advisory body — the National Party Council (CPPCC).
We've put together a list of the top 10 richest people in China based on the Hurun, which began its annual rich list 13 years ago. The wealth calculations are based on figures as of August 15, 2011.
Click ahead to find out who are China’s top billionaires and which companies they run.
By: Rajeshni Naidu-Ghelani(Posted: Sept. 16, 2011)