Add oil, Chinese women!
The news is out! This might not come as a surprise to any of you, but according to the Hurun Richest Women in China 2018 report, Chinese female billionaires occupy 4 of the 5 top spots for the richest women in the world.
Rupert Hoogewerf, the chairman and chief researcher of the Hurun Report, was in admiration at how successful Chinese women with their business acumen.
"Chinese women completely dominate when it comes to the world's most successful women in business".
Several reasons account for China's huge rise, including the dollar weakening in currency. Furthermore, 27 billionaires have passed away in the past year which saw some people jump up in the list.
"China is going through an amazing period of entrepreneurship, adding 210 billionaires in the past year", added Hoogewerf.
The share of self-made ladies has risen to 77 per cent, according to the report which was released on Oct, 10. The only non-Chinese woman in the top 5 is 71-year-old Diane Hendricks, the American chairperson of ABC Supply. So who are our wealthy entrepreneurs?
37-year-old Yang Huiyan is the majority shareholder of the largest Chinese developer, Country Garden. She is a graduate of Ohio University. Ms Yang benefited from a family inheritance from her father before the company's IPO in 2007. Her fortune actually decreased by 6 per cent in August 2018 due to ambiguous comments by the recently elected Malaysian Prime Minister Mahathir Mohamad.
The Chongqing-based owner of Longfor Properties once held the title of richest woman in China in 2012. However, after divorcing her husband she subsequently dropped to second place and handed the title to Yang Huiyan.
Ms Wu's fortune increased by 11 per cent in the past year. She was a journalist before going into the property industry.
The self-made billionaire made her fortune by founding Fu Wah International, one of Beijing's largest commercial property developers. She was forced to drop out of high school due to her financial situation but bounced back in remarkable style.
Ms Zhou's entrepreneurial spirit led her to founding Lens Technology, a touchscreen manufacturing company. She initially wanted to be a fashion designer, but her plans changed after a stroke of luck happened. When Motorola contacted her in 2003 to make glass screens, all the other major phone retailers like HTC and Nokia also came calling. However, her wealth dropped by 45 per cent in the past year due to her company's stocks performing poorly.
Mr Hoogewerf does not hide his admiration for the Chinese women who have earned their way onto this list.
“Chinese women just account for a fifth of the world’s women, but make up 63 per cent of the world’s most successful women. A lot of people ask me why. I think a lot of credit goes to China’s reform and opening up, and the entrepreneurial spirit of Chinese women.”
Does the amount of Chinese female billionaires appearing in the richest women in the world surprise you?
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