IT upstages realty in the household wealth stakes

Information technology has replaced real estate as the top source of wealth in China this year, amid a housing market slump, said an industry report released on Monday.

The China's Top Richest 3,000 Families List, published by Moneyweek, shows that the top three individuals in terms of wealth are from the Internet sector and are well ahead of their peers from the property sector.

The report said that the Internet industry has become a sweet spot for investment as it has remapped the industrial and competition structure and also changed the way how people live.