China fact of the day

With 32 newly minted super-rich in the past year, China’s capital has become the billionaire capital of the world, the latest Hurun Global Rich List says, with a total of 100 to the Big Apple’s 95.

And this:

China’s growing clout in the rankings is even starker in the world of female “self-made” billionaires, according to Hurun, where the country dominates with 93 of the global total of 124.

That is from Yuan Yang at the FT.

Comments

It seems that Red China has changed colors: to green. Russian billionaires earned their fortune the old-fashioned way: they stole it. How do Chinese billionaires earn their fortune? Are they "self-made"? What does "self-made" mean? Surely, Russia's plutocrats are "self-made". What would Mao think of today's Beijing. What would Thomas Jefferson think of today's NYC.

"What would Thomas Jefferson think of today’s NY?" I don't know, but no doubt he'd drama-queen about it.

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If Washington DC had 100 billionaires we would all understand what that meant. If London or Paris did, it would be less obvious.

The question is which type of capital is it? I don't think it is a natural economic powerhouse like London - or Shanghai.

I think your assumption is right. Real estate and tech are big on Beijing, and both require enormous government support to operate

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“self-made" just means that they stole Western technology and ideas.

@jj- and who stole from the original US inventors? Their employers. "Intellectual Property is Theft" as Proudhon might say in another context.

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Mr. Jones, are you aware that if you have born in Latin America you'll blame the US and Europe for "stealing natural resources"?

It's funny, in every country there's some people that point at other for stealing.....even in rich countries.

But of course in South America the charge would be baseless. The mineral rights would have been paid for, through free exchange, between the various corporations and the various governments and/or property holders in those countries.

If South Americans have issues with their governments they should take it up with them and not try to lay blame on those who's only crime is having deep pockets.

That requires the acceptance of a lot of priors, that the South American property holders acquired title fairly. Although I have more sympathy with the foreign concern trying to find the proper seller than the unscrupulous seller who obtained title by nefarious means or governmental corruption.

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"What would Mao think..."

I ask myself that very question before every decision I make, no matter how minor. Subway Italian BMT for lunch today? What would Mao think?

In America, there's a political philosophy based on what Mr. Jefferson would think but it's only a philosophy, a philosophy that is generally accepted in America but imposed only with consent. In China, the risk of asking what Mao would think is that someone might answer and demand adherence to it, consent or not. I prefer the American approach even though, or because, I admire Mr. Jefferson. I don't expect even Jeffersonians to demand that NYC billionaires return to the farm, but I'm not so sure Maoists wouldn't insist that Beijing billionaires return to the farm.

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The Chinese highest value note is red. http://www.chinatoday.com/fin/mon/

http://www.piie.com/publications/wp/wp16-1.pdf "The Origins of the Superrich: The Billionaire Characteristics Database" table A3

% Political connections and resource related

United States 3.8

Europe 20.4

United Kingdom 29.8

China 9.2

Russia 64

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I suppose the difference is that, in China, the government decides if you get to be a billionaire or not. If they don't like you, they shoot you for making so much money.

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Very interesting list

Here's the nongated root article: http://www.hurun.net/en/ArticleShow.aspx?nid=15703

Interesting to see 12% of billionaires are immigrants - and that the US has the most

The women in China bit is intriguing - is this a leapfrog type of effect? You'd think the US would have been higher there.

Undoubtedly that's because the Chinese are so patriarchal and haven't fully adopted feminist attitudes towards women. Otherwise, they would have many more female billionaires. Right?

I mean, how can a country with female infanticide and no Title IX possibly have successful women?

And I'm still waiting for the usual "progressives" to tell us why a generation of pro-female European policy has produced so many European billionaires and CEOs.

Europeans do not measure social progress by number of billionaires.

But they do care about CEOs. Which probably doesn't matter given how few new great companies Europe has created in the last 25 years.

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Hmmmm - maybe we should export more wymyn's studies majors to them to "help" their economy? Is that your proposal?

If so, I'm in

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I haven't looked at the list recently, but there used to be quite a few divorcees on the Forbes 400.

China went for full equality and forced women into work. It's also poorer, so women do jobs they might not like to earn money. In the wealthy West, women avoid the harder, boring jobs because they don't need the money.

Women in China are not "forced" to work, except insofar as economic necessity might do so. But since they are generally decently educated and have few children, it makes sense for them to do so.

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Clicking through the Forbes list a few do seem like founders as we would consider them in the west, for example Zhou Qunfei. However, many others seem like the face of the company while their husband/siblings run some day-to-day affairs. Perhaps it was very difficult to trust in the 'early days' of the modern Chinese economy and so families stuck together and for some reason, I have no guess as to why here, sometimes a woman was selected as the front.

Consider that the category word for "company" in Chinese is the same word as "family". "Yi jia gongsi", where "jia" is the same character as "family" and "gongsi" means "company".

The notion of family business is so embedded into Chinese culture that the language specifies it this way. This may continue to change over time though.

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At least until the devaluation.

Still, definitely a step up from Maoism. I salute the Chinese entrepreneurs.

Watch the reserves.

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I love statistics which are utterly meaningless. China (1.3 billion people) compared to 'the Big Apple' (10 million people).

"China's capital".... ;)

Beijing has a population of 21 million so while the reference to China's total population was incorrect the general point stands --looking at the totals is not an apple-to-apple comparidon.

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I do wonder if the term "self-made" is quite appropriate. I suspect in the US or other liberal market socieites we're blanch at that term being applied to someone who made their fortune through rent-seeking efforts and governemnt handout. (or maybe not....)

In the west, self-made is generally means someone who started with means many orders of magnitude below their station today.

Most people don't attach the number of qualifiers that you are implying. Well most people that aren't liberal hacks.

As an example most people would consider everyone on this list : http://www.businessinsider.com/the-25-richest-self-made-billionaires-2015-6

self made.

The end.

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And yet there are no female politicians at the top ranks in China, no female provincial governors. Weird disconnect

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Ideas on the "women" aspect, based on simple gender psychology, you could have there that:
1) not as many extent businesses to join - women may more often found businesses through lack of options, not preference.
2) many technologies and practices pioneered overseas are a safe bet, so male taste for risk is a less significant advantage.

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