Rapid growth in China's consumer spending has lifted the country's biggest electrical appliance retailer to the top of Forbes' latest ranking of the country's richest people.

Huang Guangyu, chairman of Gome Electrical Appliances Holding Ltd., attends a news conference in Hong Kong August 17, 206. [Reuters]

According to the newly-released 2006 Forbes China Rich List, Huang Guangyu, the 37-year old entrepreneur behind Gome Appliances, ranks the richest with a net worth of US$2.3 billion.

The list is published in the November 13, 2006 issue of Forbes Asia and the November issue of Forbes China, ranking the top 400 richest people in China. The list shows that the combined net worth of the 40 richest rose 46% in 2006 to US$38 billion, from US$26 billion a year ago. The minimum for entry into this year's ranking is US$514 million, compared to US$321 million in 2005.

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