Many young billionaires work to build fortunes, do not inherit

BEIJING - Nearly 80 percent of the young and wealthy in China built up their careers from nearly nothing, the latest Hurun Report showed.

On Saturday in Shanghai, the Hurun Report released its first list of young and wealthy Chinese, which contained information about 56 people who are under the age of 40 and have at least 1 billion yuan ($154 million).

According to the 2010 Hurun Wealth Report, 1,900 billionaires now live in China.