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Monday, May 16, 2011

Many young Chinese billionaires built fortune from scratch: Report

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. 


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