Hurun may add HK, Macau rich to listing
Hurun Report, a magazine that tracks the mainland's richest people, may start to include billionaires in Hong Kong and Macau in its China Rich List as the wealth gap among the markets has narrowed.
'When we started the China Rich List in 1999, there was no point putting Hong Kong and Macau's rich people in the equation as the wealth difference between the mainland and these two places was too big,' said Rupert Hoogewerf, chief executive of Hurun Report.
Despite being born in the mainland, Cheung Kong (Holdings) chairman Li Ka-shing, judged the richest Chinese in the world by Forbes magazine, is not on the Hurun list, which 'defines a mainland Chinese as someone who was born and brought up in China, no matter what passport he might hold today'.
'Li Ka-shing will not be on the list as he left Shantou in Guangdong province at a very young age, while Larry Yung Chi-kin will be included as he came to Hong Kong when he was more than 30 years old,' Mr Hoogewerf said.
Mr Yung, born in Shanghai, is the chairman of Citic Pacific, a Hong Kong-based conglomerate. He ranked No6 in Hurun Report last year.
Last year, the report ranked Cheung Yan, the founder and chairman of Nine Dragons Paper (Holdings), as the richest entrepreneur in the mainland with US$3.4 billion.
Gome Group chairman Wong Kwong-yu was No2 with US$2.5 billion, while Hopson Development chairman Chu Mangyi was No3 with US$2.1 billion.
'We value the personal wealth of individuals based on all kinds of public information, just like an investment banker would do,' Mr Hoogewerf said.
However, the report may have to ignore some very rich mainland officials or low-profile businessmen because there is no third-party confirmation of their wealth.
Mr Hoogewerf said: 'If we write the list based on rumour, we wouldn't last long. Relying on public information is our strongest weapon.'
The magazine, whose monthly circulation is about 60,000, saw revenue of US$5 million last year. Brand advertising made up core earnings as only 5 per cent of income was contributed by subscription fees.
'I will not make the magazine a giveaway,' Mr Hoogewerf said.
'I want to make people want it. If I give you a thing for free, you may throw it away. But if I tell you it's worth HK$100, maybe you will keep it ... and even show it to your friends.'
In 2004, the magazine created the China Philanthropy List to help change the image that the country's rich were not interested in social responsibility.
Recently, the magazine also launched the China Luxury Living Index, compiled based on prices of luxury residential properties, golf memberships and executive education to meet readers' demand.
'People on the top of the rich list are very successful in the business community and represent all the dreams and aspirations of other Chinese who want to make more money,' Mr Hoogewerf said.
'And it's these millionaires that tend to be our readers.'
The next rich list is due to appear in next month's edition.
Tycoon out
Despite being born in the mainland, Li Ka-shing is not included on the rich list
Last year, Nine Dragons chairman Cheung Yan had wealth of, in US$3.4b
Net worth of Gome Group chairman Wong Kwong-yu, in US$2.5b
