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13 out of world’s 20 richest real estate billionaires are Chinese
By Juwai, 07 May 2014
Ever lucrative, the real estate sector and its rising property values are generating massive wealth like never before – especially in Asia.
Most recently, the Forbes Billionaire List made a startling revelation that 13 out of the 20 wealthiest real estate tycoons in the world are Chinese – 7 from HK, 4 from China and 2 from Singapore.1
Sitting atop of the list as the wealthiest Asian property magnate is Lee Shau Kee from Hong Kong, who boasts a mammoth fortune worth $19.6 billion as Chairman and founder of Henderson Land Development Co. Ltd.1
Following closely behind is China’s richest man, Wang Jianlin who came in at #3 with a net worth of $15.1 billion. Touted as Forbes China’s Businessman of the Year 20132, the Chairman of Dalian Wanda group could very well propel forward to topple Lee at the top spot in the coming years, thanks to his aggressive investment overseas.
Besides having 26 Wanda Plaza shopping centres across China, 49 five-star hotels and 730 movie theaters, his most recent acquisition is the historical Edificio Espana in Madrid, which he picked up for €260 million ($358.6 million).
Asia is not only propagating an explosion of wealth, it’s also spawning new billionaires – out of the 15 newbies to the Forbes Billionaire List, 2 hailed from China, 2 from HK, 2 from Singapore, 1 from Malaysia and 1 from Taiwan.
As the Chinese are increasingly accumulating more wealth, it is becoming more apparent that those seeking to diversify and invest their money are burgeoning in leaps and bounds. In fact, studies show that overseas property is still the #1 choice of investment for China’s super-rich, increasing by 7% over the past year.3
Perhaps this is why there are so many ultra high net worth individuals in China.
The buying power of Chinese consumers and their impact on global economies are becoming increasingly formidable too. A while ago, we wrote about the Chinese students’ growing impact on global economy here.
Why do Chinese buyers have so much money?
Property builds Chinese household wealth
Sources: 1. Forbes; 2. Mingtiandi.com; 3. Hurun Report "Chinese Luxury Consumer Survey 2014"