Chinese make up nine in 10 of Asia’s richest ‘millennials’, aged 18-34
Indian jewellery magnate rounds out the list, which is notable too for the presence of three women and for the fact seven of the 10 inherited their wealth
Rich individuals from China claimed nine of the spots on a list of Asia’s 10 wealthiest millennials issued by Wealth-X, a wealth intelligence consultancy firm.
The term millennials refers to those born between the years 1981 and 1997. Three of the nine featured on the list are women from China, who have a combined wealth of approximately US$10 billion, about 44 per cent of the top 10’s total wealth, the firm's report said. Two on the list are from Hong Kong, while the rest are from mainland China.
Of the 10, three made their own wealth; the only non-Chinese millennial is indian.
In recent years, China’s rising billionaire class has created a second generation of wealthy millennials. In Forbes’ 2015 China Rich List, 213, or about 57 per cent of all ethnic Chinese billionaires in the world, came from mainland China. Mainland Chinese businesspeople have also increased their wealth by more than 20 per cent annually in the past three years. Five of the 10 richest on the Forbes list were from mainland China, and four were from Hong Kong.
The 10 wealthiest millennials in Asia:
1. Yang Huiyan
Yang, 34-year-old vice-chairman of real estate developer Country Garden Holdings, tops the list with an estimated net worth of US$6.1 billion. She became mainland China's richest person in 2007 when she received 70 per cent of her father Yang Guoqiang’s holdings at the age of 25. After graduating with a degree in marketing and logistics from Ohio State University in the United States, Yang joined the company as purchasing manager in 2005 before being promoted to executive director a year later.
2. Adrian Cheng Chi-kong
Cheng, a descendant of one of Hong Kong’s richest families, recently became executive vice-chairman of New World Development - a Hong Kong conglomerate that deals in infrastructure, property, transport, retailing and telecommunications. The 34-year-old is the son of Henry Cheng Kar-shun, and has served as the company’s executive director and joint general manager since 2012. A graduate of Harvard University, he is estimated to be worth US$4.4 billion.
3. Zong Fuli
Zong is the 33-year-old daughter of beverage tycoon Zong Qinghou, who according to Forbes has a net worth of about US$11.6 billion. With an estimated wealth of about US$3 billion, she’s president of her father’s company Hangzhou Wahaha Group, China's leading food and beverage producer, which makes soft drinks, baby formula, food and more. She graduated from Pepperdine University in the US in 2004.
4. He Zhitao
A self-made billionaire, 33-year-old He Zhitao is CEO of Hangzhou Liaison Interactive, an IT company selling and developing internet services and products. Having founded the Hangzhou-based company in 2002, he has an estimated fortune of US$2.7 billion. The company has a market capitalisation of 35.6 billion yuan, according to data compiled by Bloomberg.
5. Lin Qi
The 34-year-old entrepreneur is chairman of Youzu Interactive, an online and mobile entertainment company that specialises in game development and distribution. Lin, who has an estimated net worth of US$2.2 billion, established his Shanghai-based company in 2009. Youzu interactive has a market capitalization of 25 billion yuan, according to data compiled by Bloomberg.
6. Leo Ou Chen
Chen, 32, is co-founder, CEO and chairman of Jumei International Holding Ltd, a Chinese online retailer of beauty products. Worth an estimated US$1.1 billion, Chen obtained a masters in business administration from Stanford University in 2009 after graduating with a bachelor's degree in computer science from Singapore’s Nanyang Technological University in 2005.
7. Yan Wu
Wu is chairman of Hakim Information Technology, a Hangzhou-based company that provides IT services. She is 34 years old, and has an estimated net worth of US$860 million. According to data compiled by Bloomberg, the company has a market capitalisation of 12 billion yuan.
8. John Paul Joy Alukkas
Alukkas 29, is executive director of the Joyalukkas group, a jewellery conglomerate based in India. Alukkas, the son of Joy Alukkas and the only non-Chinese millennial on the list, is estimated to be worth US$820 million.
9. Zhang Kangli
Zhang is the son of Zhang Guiping, chairman of real estate company Suning Universal. Currently director of the firm, Zhang is 34 years old and has an estimated fortune of US$710 million. He graduated from the University of Toronto with a master's degree in human resource management and economics.
The 34-year-old is the executive director of his father’s company GCL-Poly Energy Holdings, the world’s largest maker of polysilicon used in solar power panels and silicon wafers. He has an estimated wealth of US$660 million, and graduated from George Brown College in Ontario, Canada, in 2005.