Chinese billionaires' ranks continue to swell: report

The personal fortunes of 300 Chinese topped 10 billion yuan ($1.6 billion) as of the end of 2013, according to a new annual ranking of the wealthiest individuals in China.

The Hurun Report on Thursday released its "China Rich List," showing how the number of high-net-worth individuals in the country continues to grow. In 2013, 20 more Chinese had fortunes topping 10 billion yuan than in 2012.

The wealth of 160 of the multi-billionaires is in the form of invisible assets, according to the report.

It also counted 8,300 Chinese with wealth reaching one billion yuan, 200 more than a year earlier. The number whose wealth tops 10 million yuan also surged by 40,000 to 1.09 million.

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

It forecast the number of people in China with personal wealth topping 10 million yuan would reach 1.2 million in the next three years.