Forbes: Car battery tycoon Wang Chuanfu tops China's rich list

Wang Chuanfu, chairman of electric car and battery maker BYD, has become China's richest person, according to an annual rich list released by Forbes Thursday.

Wang leapt 23 places to top the Forbes China Rich List after his fortune increased to 39.6 billion yuan (5.8 billion U.S. dollars). BYD, or Build Your Dream, soared after a unit of Warren Buffett's Berkshire Hathaway agreed to buy a 10-percent stake last year.

Liu Yongxing, president of the East Hope Group who topped the list last year, came in second with a fortune of 37.55 billion yuan. President of Zhejiang Wahaha Group Zong Qinghou came in third.

The total assets of China's 40 richest people doubled from 52 billion U.S. dollars to a record 106 billion U.S. dollars over the past year, Forbes said.

All the top 40 are billionaires, compared with just 24 billionaires last year.

The asset surge of China's super-rich was a sharp contrast to the shrinking fortunes of billionaires in other countries, reflecting the great potential of the Chinese market, Forbes senior editor Russell Flannery told the press conference.

Source:Xinhua