Beijing, Sept 8(ANI): The founder of construction giant Sany, Liang Wengen has been declared China's richest man, with a fortune of 70 billion Yuan.
The rich list, released by the Shanghai- based Hurun Research Institute, shows that China's construction boom and growing retail market has led to expansion of the 'most rich' category despite the global financial crisis.
Food and beverage giant founder Zong Qinghou slided to second place this year from first in 2010.
He was followed by an Internet search service firm Baidu Inc CEO Robin Li, the China Daily reports.
The cut-off point to make the top 1,000 rankings on the Hurun list climbed to 310 million dollars.
"China's rich have defied the global financial crisis with another record year of growth," Hurun Institute Chairman and Chief Researcher Rupert Hoogewerf said.
A major factor augmenting wealth was the large number of successful stock market listings, with 29 individuals in the top 50 rankings counting property as one of their wealth's main sources.
The list also shows that about one-third of the people in the top 50 category are delegates to the National People's Congress or Chinese People's Political Consultative Conference, or are senior Party members. (ANI)
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