Warren Buffett's Midas touch has catapulted Wang Chuanfu to the top of China's rich list, as the BYD chairman's net worth has jumped more than fivefold over the past year, thanks to the US investment guru's HK$1.8 billion purchase of a stake in the car and battery maker.
Wang, with a personal wealth of US$5.8 billion, has climbed 22 notches up the list released by Forbes magazine yesterday. His net worth last year was US$1.06 billion.
The mainland's super-rich have seen their net worth soar over the past year amid a stock market revival.
The 40 richest people on the mainland own a combined fortune of US$106 billion, more than double last year's figure, according to Forbes.
'Stock-market listing and market speculation helped the tycoons on the top of the list,' Forbes senior editor Russell Flannery says.
Hong Kong-listed BYD's shares has surged more than eightfold since Buffett's Berkshire Hathaway agreed to buy 225 million shares, almost 10 per cent of the company, for HK$1.8 billion.
