China now No. 2 in billionaires

The number of billionaires in China is second only to that in the US, Reuters reported. China now has 108 billionaires, compared to 15 last year, according to the latest edition of an annual "rich list" by the luxury magazine The Hurun Report that ranks the 800 wealthiest individuals in China. The average wealth of the listed individuals doubled from last year to US$562 million. The huge increases were due to soaring domestic stock markets and property prices, said Rupert Hoogewurf, who runs the magazine. Yang Huiyan, 26, tops the list, due to the US$17.5 billion she received from her father, a property developer. Yang was also ranked China's richest individual by Forbes earlier this week.