Picture this: Film magnate becomes richest man
Wang Jianlin, the movie chain tycoon, has become China's richest man with an estimated fortune of $14 billion, overtaking beverage entrepreneur Zong Qinghou, according to Forbes China.
Analysts said that entrepreneurs who have seized opportunities in sectors with growing domestic demand saw surging personal wealth levels in the past couple of years, as the private sector is getting increasingly internationalized while still trying to cater for local tastes.
Wang, 59, is best known for his purchase of the United States-based AMC Entertainment Inc movie theater chain last year. Dalian Wanda Commercial Property Co Ltd, an unlisted company with a net worth of $16 billion, which has 72 Wanda Plaza shopping centers and 40 five-star hotels, is the major source of Wang's wealth. About 64 percent of the commercial real estate company is owned by Wang and his family, Forbes China said.
In August, Dalian Wanda Group Corp Ltd followed up on its $2.6 billion purchase of AMC by applying for a listing in the US.
In China, Wang runs one of the largest movie chains and also has joint projects with Canada's IMAX Corp.
Wang's moves come amid optimism about the entertainment industry's outlook. Wanda's US and China theater business combined has made Wanda the industry's global leader.
Besides his real estate and entertainment operations, Wang owns a department store chain, Van's, in China, as well as luxury yacht maker Sunseeker.
He also has a large art collection, and is looking into setting up a museum in Beijing.
Attempts to reach Wang for comment were unsuccessful.
Zong, the chairman of Hangzhou Wahaha Group Co Ltd, is currently worth an estimated $11 billion and was considered the wealthiest man on the Chinese mainland on the 2012 Forbes China Rich List and the 2013 Forbes Billionaires List.
In 2011, Liang Wengen, chairman of construction equipment manufacturer Sany Heavy Industry Co Ltd, was the richest person in China with a net worth of $9.3 billion.
"The changing names of China's top rich people over the past decade reflect the various industries in China that have benefited from the country's fast-growing economy," said Russell Flannery, senior editor and Shanghai bureau chief of Forbes China.
Flannery said that Wang's success shows that China's private sector is becoming increasingly internationalized.
Meanwhile, some new names will make their debut on this year's Forbes China Rich List, which will be released soon, amid fast-growing sectors such as energy, entertainment and pharmaceutical, Flannery said.
Chinese renewable energy entrepreneur Li Hejun has joined the billionaire ranks following an increase in the price of his Hong Kong-listed Hanergy Solar Group, according to a Forbes estimate published on Sunday.
Yan Xijun, chairman of Tasly Pharmaceutical Group, a Shanghai-listed, Tianjin-based pharmaceuticals maker, also made it into billionaire territory earlier this year after a surge in his company's domestically traded shares.
The wealth of China's newest richest man still has a way to go to reach the world's number one, Carlos Slim, who holds the top spot on the 2013 Forbes Billionaires List with a fortune estimated at $73 billion.
