Hurun Research Institute has released the Hurun Rich List 2010, the twelfth annual ranking of the richest individuals in China.

The list names 1,363 individuals with a personal wealth of 1 billion yuan (US$150 million), up from 1,000 last year and just 24 a decade ago.

China – the world’s second largest economy – has the fastest growing wealthy population in the world, according to a report by Merrill Lynch and Capgemini.

65-year old Zong Qinghou of Wahaha is the richest man in China with a personal fortune of US$12 billion.

‘Drinks King’ Zong has grown Wahaha into China’s dominant drinks business with expected profits this year of US$1.5 billion and 30,000 employees.

Zong, who,together with his wife and daughter owns 60% of Wahaha,has jumped up from twelfth place in last year’s list.

Li Li, a pharmaceutical tycoon who founded Hepalink, came second, and “Paper Queen” Zhang Yin, who owns the Nine Dragon Paper, was third.

The 32-page report also shows that 95 percent of China’s richest individuals have made their wealth from growing domestic consumption, with real estate representing the wealthiest market.

The average wealth of the first 1,000 people on the list was up 26 percent from last year, and the average wealth of the first 10 was up 32 percent, according to the report.

The list’s founder and compiler Rupert Hoogewerf believes this impressive growth in wealth may be even larger than officially documented.

“China probably now has the largest number of billionaires anywhere in the world,” says Rupert Hoogewerf,founder and compiler of the Hurun Rich List.

“We already know of 189 US dollar billionaires in China this year,but you can safely say that we have missed at least the same again,meaning there are between 400 and 500 USD billionaires today.”

173 individuals,representing 12% of The Hurun Rich List have been appointed to significant government advisory posts, handing them a powerful platform in a business climate which values official contacts.

The list does not include people based in Hong Kong and Macao.

Hainan Rendez-Vous, China’s premier luxury lifestyle show, will be held on April 1st – 4th, 2010 in Sanya.

The four-day extravaganza combines Asia’s largest Business Jet Show, China’s most influential yacht show and a luxury lifestyle & property show on a lavish 12,000 sqm of exhibition space