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A female scrap paper merchant worth 3.4 billion dollars was Wednesday named China's wealthiest person, the first time a woman has topped the annual rich list.
Zhang Yin, 49, leapt to the number one spot from 36 last year after her company, Nine Dragons Paper, was listed in Hong Kong in March, according to the Hurun rich list compiled by Shanghai-based accountant Rupert Hoogewerf.
Zhang's made her money from recycling scrap paper brought in from the United States and processed in China for the retail sector.
Described as a self-made woman, she is now richer than American TV hostess Oprah Winfrey and Britain's JK Rowling, author of the Harry Potter series.
She overtook Huang Guangyu, the founder of electronics retailer Gome, whose fortune is estimated at 2.5 billion dollars and who now ranks second.
Zhu Mengyi, chief of Guangzhou-based Hopson Development, a real estate group listed in Hong Kong, was ranked third with personal wealth worth 2.1 billion dollars.
Women were becoming increasingly visible among China's rich set, with 35 now in the top-500 list, which Hoogewerf's said was a "dramatic change."
Other top women include metal trader Chen Ningning in 20th place with a fortune estimated at 800 million dollars, while Beijing property developer Chen Lihua with 750 million dollars was ranked 25th.
Television presenter turned businesswoman, Yang Lan of SunMedia Investments, ranked 56th with wealth valued at 500 million dollars.
Zhai Meiqing of Kinhom, a furniture retailer, was worth 415 million dollars, while Zhang Xin, a high-profile Beijing property developer, has wealth valued at 163 million dollars.
The biggest loser was Fuxi Investments owner Zhang Rongkun, ranked 48th last year.
Zhang failed to make the list after he was detained in July for his role in Shanghai's biggest ever financial scandal involving the city's retirement funds, which has also felled its top politician, Chen Liangyu.
Making it on to China's rich has often been seen as by the mainland's wealthy as risky business.
Real estate tycoon Zhou Zhengyi and Chinese-Dutch business magnate Yang Bin both made it on to the list in previous years before falling foul of the authorities and being sentenced to prison terms.
Nevertheless, in a sign that China's rich keep getting richer, there were 15 billionaires on the list, up from seven last year.
Most were from traditional sectors, with five of the top 10 making their cash in property and infrastructure development.
For the first time since 2003 there were no IT entrepreneurs in the top 10, which contrasts with Europe and the US where most fortunes tend to come from technology, telecommunications, music, movies and publishing.
"Urbanization and ever-increasing household incomes have continued to be the key drivers for wealth creation in China," said Hoogewerf.
Average worth of the 500 richest Chinese was 276 million, 48 percent more than in 2005.
As a group they control an estimated total of 138 billion dollars.
To make this year's list 100 million dollars was necessary; no humble sum compared with the first list of China's richest people eight years ago, when 50 were ranked with a cut-off of six million dollars.
"The rich in China are getting rich and fast," said Hoogewerf.
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AFPLifestyle-China-wealth-women
AFP 111119 GMT 10 06
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