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Earlier this month, the Hurun Report published a list of the one thousand richest people in China. The collective net worth of these one thousand people is $571 billion, and of these one thousand people, 130 are billionaires.

According to Wilson Ho, who is the managing director for Lamborghini, these Chinese billionaires are young and excited to spend their money. “Our customers are 100 percent Chinese, and very rich. They are successful entrepreneurs from the property business, entertainment, the financial sector, coal mining and steel manufacturing. They are also very, very young. A majority of them are in their early 20s.”

In addition to luxury cars like Lamborghinis and Rolls-Royce Phantoms, other popular purchases among China’s extremely wealthy include Louis Vuitton goods, Cartier watches and expensive bottles of cognac.

One of the young billionaire on the list is Ma Huateng, the founder and CEO of Chinese firm Tencent. In 2008, his internet service empire had 450 million active I-M users and made 1 billion US dollars in revenue. Ma’s stake is now worth an estimated 3.6 billion dollars.

Sources: Hurun Report, The Daily Star

Photos: Skyline of Victoria’s Peak neighborhood in China, (rt) Ma Huateng

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