Twenty-two Shenzhen entrepreneurs found their names on a list of the nation's 500 wealthiest people compiled by a Chinese economic magazine.

Huang Maoru, director of the board of Shenzhen's MOI Group, was listed No. 8, reputed to have family worth of 4.8 billion yuan (US$578 million).

The list was published by the New Fortune magazine Tuesday.

The magazine published a top 400 list last year.

The average wealth of listed people was 1 billion yuan, an increase of 31.5 percent over last year's list. Experts attributed the wealth increase to three reasons.

Firstly, more overseas investment targeted Chinese enterprises, which pushed up the stock prices of some companies.

Secondly, the amendment of the Constitution highlighting the protection of private property encouraged more entrepreneurs to make their wealth public.

Thirdly, the development of real estate, steel, chemical products and Internet games also promoted the wealth increase.

(Shenzhen Daily  April 30, 2004)