BYD founder tops Forbes China list aided by Buffett

SHANGHAI, Nov 5 - Wang Chuanfu, founder of battery and car maker BYD Co, jumped to the top of Forbes 2009 list of China's wealthiest after an investment by Warren Buffett sparked a nearly sixfold surge in the company's share price.

Wang's net worth jumped to $5.8 billion from $1.06 billion in 2008, exceeding the second richest, heavy industry tycoon Liu Yongxing's $5.5 billion, Forbes said in a statement. Wang was ranked in 23rd position last year.

The jump in Wang's wealth came after a unit of Buffett's Berkshire Hathaway agreed to buy a 10 percent stake in BYD for $230 million.

BYD's shares ended down 1.1 percent at HK$72.20 on Thursday and have risen 469 percent this year.

BYD's F3 has also become China's bestselling car in the first nine months, helped partly by Beijing's policy incentives, including aggressive cuts in sales tax for small cars.

Wahaha founder Zong Qinghou ranked third on the Forbes rich list with net worth of $4.8 billion. The Chinese beverage giant settled a high-profile legal dispute with Danone SA in September.

Immune to the global financial crisis, the combined wealth of China's 40 richest individuals on Forbes list have more than doubled to $106 billion this year, helped by a 73 percent surge in the stock market so far in 2009.