The owner of a Shenzhen car and battery maker has emerged from the growing pack of Chinese millionaires to be named the richest person on the mainland after a boost to his wealth driven by an investment by Warren Buffett.
Wang Chuanfu, the founder and chairman of BYD, jumped from 103rd to first place with a net worth of $5.1bn, according to the annual Chinese rich list compiled by Hurun, a Shanghai-based consultancy.
MidAmerican Energy, a business controlled by Berkshire Hathaway, the flagship company of the closely watched US investor, paid $230m for a 10 per cent stake in BYD a year ago. Shares in BYD have since risen more than sevenfold, propelling Mr Buffett's stake to $1.7bn.
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