China's billionaires continue to grow - Report

The personal fortunes of 300 Chinese topped 10 billion yuan (US$1.63 billion) as of the end of last year, Xinhua news agency said citing a new report.

The Hurun Report's annual "China Rich List" released Thursday shows the number of high networth individuals in the country continues to grow.

In 2013, an additional 20 Chinese had fortunes topping 10 billion yuan (US$1.63 billion) compared to 2012.

The wealth of 160 out of the multi-billionaires came in the form of invisible assets, said the report.

A total of 8,300 Chinese had wealth reaching one billion yuan (US$163.61 million), an increase of 200 individuals over the previous year.

Those whose wealth tops 10 million yuan (US$1.63 million) rose by 40,000 to 1.09 million people.

The Hurun Report, a monthly magazine best known for its annual rich list, attributed the rise in wealth to the country's overall gross domestic product growth and appreciation in value of real estate.

It forecasts the number of people with personal wealth exceeding 10 million yuan (US$1.63 million) will reach 1.2 million in the next three years.