China fact (?) of the day

China Daily reported Friday that unnatural deaths have taken the lives of 72 mainland billionaires over the past eight years. (Do the math.)

Which means that if you’re one of China’s 115 current billionaires, as listed on the 2011 Forbes Billionaires List, you should be more than a little nervous.

I don’t know about you but I find it somewhat improbable that among such a small population there could be so many “suicides,” “accidents” and “death by disease” (the average age of those who died from illness was only 48).

Here is the Forbes story by Ray Kwong, I am not sure how confirmed to treat this as being.

From the comments:

According to the original Chinese version of the news report, the base (number of billionaires) should be 60k, not just 115. I think ‘billionaires’ refers to 100M CNY in the original news report. It’s still shocking though…
“2010年,这一数字同比增长了9.1%,达到6万人左右。” http://www.chinadaily.com.cn/dfpd/shehui/2011-07/22/content_12957783.htm

Right. The Chinese number units are ones, tens, hundreds, thousands, ten thousands, and ten thousand ten thousands. The “billionaires” in the article are ten thousand ten thousandaires.

+1 (Google Translate confirms that the base is 55k people 🙂 )
The mortality rates now seem far more reasonable…

Comments

Mo' money, mo' problems

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This should be treated as unacceptable crime but nothing more. Poors are treated the same in many African and South American, but that isn't taken with much surprise as this. Looks like crime is progressive in China.

According to the original Chinese version of the news report, the base (number of billionaires) should be 60k, not just 115. I think 'billionaires' refers to 100M CNY in the original news report. It's still shocking though...
"2010年,这一数字同比增长了9.1%,达到6万人左右。" http://www.chinadaily.com.cn/dfpd/shehui/2011-07/22/content_12957783.htm

Right. The Chinese number units are ones, tens, hundreds, thousands, ten thousands, and ten thousand ten thousands. The "billionaires" in the article are ten thousand ten thousandaires.

Interesting !! Guess units are different elsewhere.
In India for example after ten thousand , it would be hundred thousand (lakh) and hundred hundred thousand (crores).

> ten thousand ten thousandaires

ten thousand ten thousand CNY -aires , i.e. those with above USD14.8 million

+1 (Google Translate confirms that the base is 55k people :) )
The mortality rates now seem far more reasonable...

And Jack Ma is a communist, but CNN will never tell you that.

https://www.cnn.com/2018/11/27/business/jack-ma-alibaba-communist-china/index.html

Alibaba founder Jack Ma is a member of the Communist Party By Steven Jiang

I think this shows why he has to be...

"14 were executed."
This is what we should have done instead of the stupid bailouts. Incentives matter.

I rather be in the 1% rather than 0.001%. Though I hope to get into the 0.5% in the next ten years.

Bonus trivia: the 1% have stagnated; pity.
https://www.cnbc.com/2014/03/31/the-other-wealth-gapthe-1-vs-the-001.html

First, there are those at the bottom of the 1 percent. Those are folks who are worth single-digit millions, around $7 million or so as of the latest Fed survey. The people between the top 1 to 0.5 percent have seen their share of national wealth remain flat for the past 20 years.
Their share of the wealth pie is the essentially the same as it was in 1995.
Even those who are between the top 0.5 percent to the top 0.1 percent have barely seen any increase in their share of wealth.
The big winners are those in the top 0.01 percent. These folks, who have a net worth of more than $100 million, have seen their share of wealth more than double since 1995, from around 5 percent to just under 12 percent. Over the past half century, they have nearly quadrupled their share of wealth.
In other words, the 0.01 percent is leaving the 1 percent in the dust.
How are they doing it? The top 0.01 percent are stock-market winners—CEOs, bankers, entrepreneurs—who are riding financial markets to outsize gains. The rest of the top 1 percent are often mere wage earners.

Life comes at you fast.

"The White House said Monday that Ivanka Trump, the daughter of President Donald Trump and a senior advisor to him, is not being considered to be the next head of the World Bank.

Ivanka is, however, overseeing an internal search for the new chief, the White House said."

Just kidding, this is really an example of life coming at us slow. Recognition of the situation slower still.

(The tie-in being that oligarchs are going to oligarch, and would-be oligarchs are going to try.)

33,335 views Jul 25, 2011, 04:34pm
Friends Don't Let Friends Become Chinese Billionaires

I wonder how/if this has changed over the past 7 years.

The source is a very short article in, apparently, "China Daily", which itself cites no source. According to wikipedia, China Daily is the main Chinese newspaper in English and is owned by "the Communist Party of China" and "the State Council Information Office (escrow)".

Very weird... At this point my prior probability this story is true is <10%.

Further indication that it's safe to tax very rich people at 70%. There are not so many places where they can enjoy their money safely. The US should sell this at a high price.

In that light, AOC and Elizabeth Warren don't seem so scary after all.

I do think that the low-cost physical safety that American billionaires enjoy is one of the most underrated aspect of America. I mean billionaires in NY or SF or LA can just drive to a cafe, or eat at a restaurant, or just walk on the sidewalk without bodyguards or other protection, and not fear being kidnapped. They also don't have to fear people attacking them randomly because they bear a grudge against their company. And they definitely don't have to fear government persecution. It's frankly astonishing.

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