If proof was needed that the extraordinary growth of the Chinese economy was benefiting not just foreign investors and companies exploiting its global sourcing potential, but also entrepreneurs inside the country, then figures published this week provided it in spades.

According to a list published by Shanghai-based accountant Rupert Hoogewerf on Wednesday, 2007 has seen a seven-fold increase in the number of billionaires that call China home.

China now has 106 billionaires – up from 15 in 2006 – with 26-year-old female property developer, Yang Huiyan, on the top of the pile with a cool net worth of 130 billion yuan ($17.3bn). After the release of the Hurun rich list, only the US can boast more billionaires within its borders.

The growth seen over the past 12 months even seems to have taken Hoogewerf by surprise.

"We all know that China is developing very rapidly,” he said in a statement. “But the speed is so fast that it shocked all of us. It's much faster than the US and Europe."