The Hurun Report, based in Shanghai, tracks the nation’s wealthy and calculates that there were a record 271 billionaires (in U.S. dollars) in China in 2011. A third of the top 50 and five of the top 10 hold official political positions, the report says. “The richer they are, the more political positions they have,” it adds.
Here is more.
Nope, the more political positions they have, the richer they are.
People keep bringing up the “unique Chinese leadership skill” etc. as sign that China will make it and follow the footsteps of South Korea and Japan, but what just as might happen is that China drifts in the direction of, say, Indonesia. SK had to deal with corruption in its development as well but there was always a notion of brining the country as a whole forward and a sense of community. Contrast that with China where it’s all about me-me-me and money. If you haven’t been here for long or talked with Chinese after a few beer you wouldn’t the kind of stuff locals have to deal with on a continual basis.
Despite all the talk about a strong China, it’s all about money and individual gain at the end of the day. It starts with shopkeepers charging you 5 mao more because they forget you a regular and think you are a someone who can be ripped off, and ends with horribly constructed buildings where apartments sit empty but are used as collateral for private wealth scemes….
Perhaps, but China’s GDP per capita nominal and PPP is already significantly higher than Indonesia’s, is roughly equivalent to Thailand’s, and is outpacing both countries.
Despite all the talk about a strong China, it’s all about money and individual gain at the end of the day.
Sounds like a good omen for capitalism.
Buy and large.
Certainly, because using government to enrich yourself is the principle “capitalist” activity.
Fighting for cleaner government is rarely profitable, certainly.
In China, the billionaires *are* politicians. In America, the bilionaires *hire* politicians.
Yes, but in America the people can get rid of the politicians. In China the politicians can get rid of the people.
+1
This story isn’t really all it’s cracked up to be. Only a certain type of “symbolic” government officials are allowed to have a significant amount of wealth in a way that Hurun would be able to track it down. The more interesting story would be how many of the millionaires are related to Chinese officials
On why rich Chinese officials isn’t a big story:
http://www.bradleymgardner.com/2012/02/29/who-are-chinas-politicians-and-are-they-the-richest-in-the-world/
On the problems with rich relatives of Chinese officials:
http://www.bradleymgardner.com/2012/03/01/are-chinas-politicians-the-richest-in-the-world-ctd/
I know that in the USSR party membership was a required ticket to better living standards and during the dissolution of the USSR the oligarchs acquired much, but nothing like this(271 billionaires) occured during Soviet rule in Russia. Any idea why?
China actually trades with the world?
My evolving project may be of interest, and relevance if you press my name……
For some reason the link to my name was not working. Here is what I am on about. http://www.p2pfoundation.net/Transfinancial_Economics
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