Yang Huiyan, 31, vice-chairman of Guangdong-based property developer Country Garden Holdings Co Ltd, who has an estimated wealth of 36 billion yuan ($5.7 billion), was named the richest Chinese person under 40 in a list released by Hurun on Thursday.

She was also the richest second-generation entrepreneur for the second consecutive year, according to Hurun's report.

Fang Wei, 39, chairman of Liaoning-based contractor and manufacturer of exterior facades and curtainwall cladding systems, was found to be the richest young entrepreneur starting from scratch, with an asset of 15 billion yuan.

Basketball star Yao Ming, 32, was listed the 23rd in this report. He started his investment career by launching his own wine company last year. Yao debuted a wine named after himself at a charity auction last November.

A total of 33 rich young Chinese with assets of more than 1 billion yuan made themselves into the list. Twenty-five of them started their businesses from scratch. Among the top 10 richest in the list, six of them started with nothing.

"The richest Chinese under the age of 40 with their own businesses are found to be most successful in the entertainment and information technology industries. Most people think these newly rich gained their wealth through inheritance but they are wrong. Most of the listed young rich people started up their businesses from nothing," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

Guangdong is home to the largest number of young rich people, with six entrepreneurs from the province named in the list. Shanghai, Beijing and Zhejiang followed closely.

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