Hurun, the research company announces the 2012 list of richest Chinese under forty with thirty-three young people selected. Only individuals who have more than $1 billion Yuan in assets and less than forty years old can be chosen. This is the second year that Hurun has published the list. Yang Huiyan, 31, won first place with a wealth of 36 billion Yuan ($5.7 billion US dollars). Fang Wei, 39, second only to Yang , was found to be the richest young entrepreneur starting from scratch with assets of 15 billion Yuan ($2.4 billion US dollars). Among the richest under 40, most came from business and information technology industries. Many started when they were still in college and some even made more than million when they were younger than 25. Most people think that rich Chinese got their wealth through inheritance but actually most of them are self-made billionaires," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
According to Hurun, the fastest growing area is Information Technology (IT) with more billionaires than most, and a third of them are women. The report found that there are several hundred candidates who did not get selected because they have not reach the billion in assets yet but among them, most are in IT business and many getting rich via mobile applications and video gaming. One multi-millionaire, Yang Huang explained: “It depends on catching the trend when it is rising. Few years ago, people who started with the internet such as on-line stores and search engine were successful but today it is the mobile platforms. Three years ago, no one would predict that smart phones would outsell laptops. Few people would pay attention to this trend. Our entire industry was focusing on On-line, websites and internet business such as Baidu, Alibaba, Shanda, Sohu etc. The success formula is catching the trend, not following it. As college student, I paid attention to new trend by following many blogs, websites and technical articles in the U.S. so I knew mobile would be big. I started by develop mobile applications for friends, my first app was rejected by Apple but I did not give up. I continued to work harder for the second and third. All of them did not do well but I can still sell them to friends. Eventually I got better and my seventh application was accepted. I switched to Android operating system since it has two-third of the smartphones sold in China. However there were no Google app store in China and it created opportunity for China Mobile Company. It opened its Mobile Market store for Android apps in 2009, and now has 158 million registered users. Customers have downloaded more than 700 million apps; in there I had over twenty five apps. Some had over a million downloads and that was the way I made my money. It took me few weeks to develop an app, and if I have half million downloads, I do well. In a country of billion people and several million smart phones, mobile app is a very good business to be in.
Few years ago, most of the richest people in China were in land development and construction business. In recent years, the richest were people in food and information technology business. Among the richest were several people whose businesses are in foods, bottle soda water and importing foods but among the young people under 40 years old, most are in information technology business.
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Prof. Vu
Carnegie Mellon University
source: http://www.segvn.org/forum/mvnforum/viewthread_thread,1484
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