Business

China rich list topped by construction magnate

Liang Wengen
Image caption Liang Wengen, here signing an agreement in Germany, is now China's richest man

A former weapons plant manager has topped an annual list of China's richest people.

Liang Wengen, 55, chairman of construction firm Sany was at the summit of the Hurun Rich List, with a doubling of the company's share price sending his fortune to $11bn (£7bn).

The number of US-dollar billionaires increased to 271 this year, up from 189 in 2010.

Internet and property tycoons were also on the list.

Zong Qinghou, head of the Wahaha beverage empire, fell to second place on the latest list with a fortune of $10.7bn.

Sales of his company are up, but like many of China's largest firms, they are being affected by rising costs.

Robin Li Yanhong, chairman of search engine Baidu had $8.8bn, while Yan Bin, whose company has exclusive distribution rights for Red Bull energy drinks, was fourth with $7.8bn.

The list was started in 1999 and is compiled by Hurun Report magazine, founded by former chartered accountant Rupert Hoogewerf.

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