According to Forbes magazine’s 2011 Billionaires List the number of Chinese billionaires has nearly doubled from last year, to 115. The newly minted business moguls represent entrepreneurs from many different industries. According to Russell Flannery, responsible for compiling the list in China, Hong Kong and Taiwan, “Since the global financial crisis, the central government has been giving a lot of support to big state-owned companies to quickly implement policies. But in the long term, the smart home-grown Chjnese entrepreneurs are doing a lot to create jobs and wealth and help China to expand overseas,” as quoted in the China Daily, in a posting on the Asia News Network. At least 20 of the new billionaires amassed their wealth through initial public offerings (IPO) on the stock market. China had 476 IPO’s last year, leading the world. Robin, Li, chairman and chief executive officer of Baidu, topped the list of Chinese billionaires, with personal wealth of 9.4 billion, ranking 95th globally.
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