Hurun Report: China billionaires overtake US

According to the Shanghai-based luxury magazine publisher Hurun Report, the number of Chinese billionaires has surpassed that of the United States for the first time.

Thursday’s annual survey showed that now China has 596 billionaires, overtaking the 537 Americans.

Wang Jianlin, chairman of China’s property and entertainment giant Dalian Wanda Group, has dethroned founder of e-commerce giant Alibaba Jack Ma, becoming the richest Chinese in the world.

Hurun’s earlier report showed that Wang’s wealth increased more than 50 percent year on year to 34.4 billion U.S. dollars, mainly on back of ten-fold increase in his newly-listed cinema chain.

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