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115 Billionaires from Chinese mainland

At least 20 of the new billionaires from China ranked by Forbes also boosted their wealth after initial public offerings (IPOs). China experienced a record number of IPOs last year, with 476 Chinese companies raising $105 billion (75 billion euros) of funds from both domestic and overseas markets, Chinese investment research group Zero2IPO Research Center reported.

"The development of the second board - ChiNext - also gives more opportunities for entrepreneurs to list their companies and monetize their business success," BCG's Leung says.

While analysts were careful to stress that the traditional drivers of wealth such as the property and manufacturing will continue to play major roles in the Chinese economy, these will have to accommodate new growth areas fueled by innovation.

"We cannot deny that, under China's current market economy system which still has room for improvement, traditional industries will keep an important position in wealth accumulation for the long term," Luo Laijun says.

"But high-tech industries will impact all of these. The rich will be forced to use the fortunes which they acquired through more traditional means to invest and increase in value by changing their mindsets.

"The real estate sector has had a huge role in wealth accumulation. But its effect is highly related to policy and the economic situation, and it is not a rational way to make money," Luo says.

"There is also the relatively low profit rate of traditional industries. That, in the long term, will affect the material basis for the country's economic development. The Chinese economy will be healthier and more confident if several rich people come from the country's production sectors."

The latest spotlight on the growing number of super rich in China has also renewed interest in their role beyond business.

Taking the cue from Western billionaires like Bill Gates and Warren Buffett who have donated chunks of their fortune to charity and encouraged many others to do so, members of China's wealthy class are adding to their presence in philanthropy.

Related: Loud charity

Yang Tuan, a leading researcher on philanthropic studies at the CASS in Beijing, says the country's "philanthropy boom" seems to be catching up with the fast-growing group of China's super rich. Donations from Chinese billionaires and millionaires may amount to 70 billion yuan (7.6 billion euros) in 2010, an increase of 40 billon yuan from 2009, she says.

China's top 100 philanthropists have given away at least 22.9 billion yuan (2.5 billion euros) to charity since 2005. The donors gave away an average of 229 million yuan (25 million euros) each over the last five years from 2010, or 6 percent of their wealth, up from 4 percent the previous year, according to last year's Hurun Philanthropy List. The list tracks the most generous Chinese individuals measured by the value of their donations over five years.

Large donations by Chinese donors have also been rising, with three philanthropists giving away more than 100 million yuan (11 million euros) in 2009.

Yu Pengnian, an 88-year-old Chinese real estate tycoon who was also listed among the 25 leading philanthropists in the world last year by Barron's magazine, became one of China's top philanthropists when he donated $470 million in cash and property to a foundation that aids health, education and disaster relief.

Xiang Bing, founding dean of the Cheung Kong Graduate School of Business, says business involvement in charity and public welfare is attracting more attention in society and becoming an essential embodiment of social responsibility.

"The field of philanthropy is booming, not only because the number of wealthy Chinese is growing, but also because these people are more willing to take active roles in charity," Yang says.

Matt Hodges contributed to this story.

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