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'Turning point' as China billionaires overtake US

Real estate and entertainment magnate Wang Jianlin (left) dethroned founder of e-commerce giant Alibaba Jack Ma (right) as China's richest person, with a fortune of US$34.4 billion.


THE number of billionaires in China has overtaken that of the United States for the first time, an annual survey said on Thursday, calling it a "turning point" for the super-wealthy.

Communist-ruled China now has 596 billionaires, up a "staggering" 242 over the last year,