countingyuan2.jpgHong Kong and China have overtaken Japan in the annual Forbes Magazine rich list, which offers some interesting insights into where the real opportunities are in China’s economy.

Ironically, its the old economy that seems to be producing the greatest number of dollar billionaires in China.

Li Wei, founder of Synear Food Holding, made the list for the first time along with a dozen other Chinese newcomers. Her company, one of the country’s largest producers of frozen food, was last year awarded an exclusive contract to supply frozen dumplings to the 2008 Beijing Olympics.

Asia’s richest man was Hong Kong tycoon Li Ka-shing who has a $23bn fortune and is the ninth wealthiest person in the world, according to Forbes.

Yan Cheung, chairwoman of Nine Dragons Paper, was named China’s richest person with a fortune of $2.4bn, putting her 390th on the list of nearly 1,000 billionaires. She also came top of China’s own Rich List, published last year — see this EngagingChina story.

China had seven billionaires in 2006, but in just 12 months the number has trebled to 20 while HK’s tally has increased five to 21.

The total for China and Hong Kong exceeds the number of Japanese billionaires — 24 — for the first time.

Either the rewards are better spread in China’s new economy, or perhaps EngagingChina should now start writing about the opportunities in China’s dumpling industry.

 


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