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China's Billionaires Double In Number

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http://www.telegraph.co.uk/news/worldnews/asia/china/8746445/Chinas-billionaires-double-in-number.html

The Hurun rich list, which has been tracking China's tycoons since 1999, on Wednesday said it had counted 271 dollar billionaires in China last year, up from 130 in 2009.

China now has the second most billionaires in the world, after the United States with more than 400.

"The numbers are growing much faster than people expected," said Rupert Hoogewerf, the founder of the list, who added there could be the same number of billionaires again who are off his radar, keeping their assets as quiet as possible.

...

Meanwhile, Huang Weiping, an economist at Renmin university in Beijing said the proliferation of billionaires was "no surprise". He said: "This phenomenon is occurring all over the world. And as China becomes more advanced, and improves its industries, it is only natural that a large share of the wealth will end up with the people at the top of the value chain." Mr Huang said rich Chinese were always criticised. "If they are government officials, people accuse them of corruption. If they are businessmen, people accuse them of tax evasion. But there is little concrete proof that rich Chinese accumulate their wealth in a manner different from rich people elsewhere.

So if they are like the rich elsewhere they are guilty of tax evasion....

Nice to see the wealth at the top expanding.

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  • 331 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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