Forbes to name new richest person in Chinese mainland

The title of richest person in the Chinese mainland will fall on new shoulders this year, after being held by Larry Rong Zhijian for two consecutive years, according to Forbes.

Forbes' Shanghai Bureau Chief Russell Flannery said Tuesday that Forbes Asia is likely to list a new No.1 richest Chinese in the mainland this year.

Huang Guangyu, president of Gome Appliances with a net worth of 2.1 billion US dollars, according to Forbes Asia - and Shi Zhengrong, CEO of Suntech Power Co with a net worth of 2.2 billion dollars - will nudge Larry Rong Zhijian from the top spot.

Larry Rong Zhijian, head of CITIC Pacific Group, led the Forbes' 400 Richest Chinese List two years in a row. His net worth in 2005 was estimated at 1.6 billion dollars. Huang Guangyu ranked No.4 in 2005 with 1.3 billion dollars, and Shi Zhengrong ranked No.98 with just 0.2 billion dollars.

Forbes Asia will officially publish this year's list of 400 Richest Chinese on November 2.

Russell Flannery said, the rich have got richer in the Chinese mainland in the past year, thanks to its rapid economic growth rate of over 10 percent, rising stock prices and sustained investment and consumption.

The gap between the rich and the poor is widening dramatically.

The country's Gini coefficient, an international measurement of income disparity, is estimated to have exceeded the danger level of 0.4. The country's richest 10 percent of families possess more than 40 percent of total household wealth, while the poorest 10 percent have only 2 percent.

Source: Xinhua