Wang Jianlin Becomes China’s Richest Man with $14.2 Billion

Aug 21, 2013 11:45 AM EDT

(Photo : China nation's wealthiest person Wang Jianlin)

August 19th, according to the latest Bloomberg Billionaires Index, Wang Jianlin, Chairman of China's Dalian Wanda Group Corporation Limited, has become the nation's wealthiest person, based on filings that show his interests in non-real estate businesses are more valuable than previously calculated. So far, Wang Jianlin has a net worth of $14.2 billion.

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Wang Jianlin's Dalian Wanda Group Corporation Limited is a Chinese conglomerate company with activities in real estate, tourism, hotels, and entertainment. It is headquartered in Dalian in Northeast China. It is a closely held company.

Dalian Wanda acquired the U.S.-based cinema operator AMC Theatres in May 2012 for about USD $2.6 billion. Dalian Wanda Group became the world's largest movie theater chain after acquiring AMC Entertainment Holdings Inc. The acquisition went through successfully in September 2012.

In June 2013, Dalian Wanda acquired the British yacht builder Sunseeker International for USD $500 million. This acquisition gave them a 92% stake in the company. The yachts produced by Sunseeker International were once used in the James Bond film series. Wang Jianlin said he also planed to invest more than $1 billion dollars to build a luxury residential area along the Thames River in London.

According to Bloomberg, the Bloomberg Billionaires Index values closely held companies by comparing some multiples, such as the enterprise value-to-Ebitda or price-to-earnings multiples of similar public companies. When ownership of closely held assets cannot be verified, they aren't included in the calculations.

Wang Jianlin graduated from Liaoning University, and started working as the Office Administrator for the Xigang District of Dalian. In 1989, he became the General Manager of Xigang Residential Development Company. In 1992, he started working as the General Manager for the Dalian Wanda Group. Later, he served as its CEO in 1993. Now, Wang Jianlin has become a property mogul with a net worth of $14.2 billion.