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China's super-rich bounce back from financial crisis

Quote:

China's super-rich bounce back from financial crisis

BEIJING (Reuters) - China's super-rich have bounced back from the financial crisis with a vengeance, and China now has more known dollar billionaires than any other country bar the United States, according to a new report released on Tuesday.

The annual Hurun Report said China has 130 known dollar billionaires, up from 101 last year. The number in the United States is 359 while Russia has 32 and India 24, according to Forbes magazine.

China's rich are getting richer, with the average wealth on the list $571 million, up almost one-third from last year, said compiler Rupert Hoogewerf.

"With the greatest wealth destruction in the west of the last 70 years, we've seen China buck the trend and the wealth seems to be still growing," Hoogewerf told Reuters on the sidelines of an event to unveil the 2009 rich list.

"They've put the credit crunch behind them," he said. "The key driver has been urbanization. You've got all these cities being built, and that requires property developers, iron and steel manufacturers. The latest thing is cars."

Topping the list was Wang Chuanfu, chairman of electric car and battery maker BYD Co Ltd in which U.S. billionaire Warren Buffett holds a stake, with an estimated personal wealth of $5.1 billion. He was also the fastest riser from last year, up 102 places.

Second place went to Zhang Yin and family, owner of paper recycler Nine Dragons Paper, while in third place was Xu Rongmao and family, owner of Shimao Property Holdings Ltd.

Huang Guangyu, who founded GOME Electrical Appliances Holdings Ltd and owns unlisted property businesses, sank to 17th place from the top position he held last year. He is currently being probed for alleged financial irregularities.

Hoogewerf said the actual number of dollar billionaires could be higher than estimated.

"Either they are super-discreet, or perhaps they haven't come to the surface," he said. "Having said that, the transparency of wealth ... is now very much in the open. There's many more listed companies."

Hoogewerf said people who probably should have been listed, but about whose wealth not enough in known, included Liu Chuanzhi, chairman of the world's No. 4 PC maker Lenovo, and Chen Feng, founder of Hainan Airlines.

China's ruling Communist Party once condemned entrepreneurs and private business people as capitalist exploiters, but now welcomes them since late reformist leader Deng Xiaoping began landmark economic reforms in the 1970s.

One third of the people on the 1,000-name rich list are estimated to be Party members, according to the report.

Still, one famous name fell off the list this year -- NBA basketball player Yao Ming, who has struggled with a foot injury for the last few months.

(Editing by Sugita Katyal)

http://finance.yahoo.com/news/Chinas....html?x=0&.v=1

China WILL rule the world.

Probably not anytime soon though.

pretty interesting news story.

thanks!

Quote:

Originally Posted by jdmhaze (Post 6633890)

http://cdn0.knowyourmeme.com/i/3377/...png?1244744947

Sit down, boy. :rolleyes:

Guess that's what happens when the US dumps money into a country instead of bombs.

given China's current growth projection give them another 25 years they might even surpass U.S. GDP

Everyone else was busy trying to take over the world with wars while China's way of taking over the world was by busy reproducing people to spread the world :lol

I was watching a story on MSNBC last night about how China is buying up oil rigs all over the world and basically investing and buying into all industries. China also knows by holding onto the US dollars is dangerous so they're quickly turning, what could be worthless paper in the few years, into hard assets.

you guys think it is safe yet to return to the motherland?

china teaming up with korean teaming up with japan to be the new powerhouse to control the world.

the numbers listed are probably just the tip of the iceberg compared to how much hidden wealth and corrupt wealth under the china gov't...

Quote:

Originally Posted by asian_XL (Post 6634021)

CHINA RICHEST GUY, owner of BYD...and he made THESE
:facepalm:

My understanding is that a big chunk of BYD's business comes as a Tier 1 battery supplier to big automotive brands such as Toyota. Think of the cars a sa side business. ;) Oh, and did I mention there are TONS of BYDs on the road in China last time I checked? There's a reason Warren Buffett dropped millions into them.

^ There is a reason allot of people have fled China, even the rich....it is scary China is gaining power....they could care less about human rights, democracy, or free speech.....all the money in the world means nothing, if you don't basic rights.....

Quote:

Originally Posted by Z3guy (Post 6634446)

:facepalm: have you ever lived in China or other place except Canada?

for an average person (with no political background), the life in China is no
different from the one in Canada or US. People there make money the same
way we do, they go home and fuck their wife like everybody else.

It's silly to say oh, the chinese don't have the freedom of speech and human
rights. You just need to learn to keep it real at a place you are not supposed
to say trash. Calling Mao is a homosexual in Tianmen Square is as stupid as
telling racist jokes in front of a group of black guys. Every place has its own
rules, same as RS and Canada...If you don't like, you are free to leave. If
you insist to break the rule, you ask for it.

Quote:

Originally Posted by slammer111 (Post 6634398)

Yeah, the Chinese auto industry is a protected market from imports. Their automakers can produce garbage and still sell like hot cakes, which is what they do.

Quote:

Originally Posted by asian_XL (Post 6634515)

:facepalm: have you ever lived in China or other place except Canada?

for an average person (with no political background), the life in China is no
different from the one in Canada or US.

You gotta be fucking kidding me. For most Mainlanders, life is nasty, brutish and short.

Quote:

Originally Posted by ZhangFei (Post 6634382)

you guys think it is safe yet to return to the motherland?

Should be. The Olympic volunteers in Beijing last year implored me to come back to the Motherland and help the rise as she said "we are strong now!"
It nearly brought tears to my eyes (no joke).

Quote:

Originally Posted by achiam (Post 6636274)

Should be. The Olympic volunteers in Beijing last year implored me to come back to the Motherland and help the rise as she said "we are strong now!"
It nearly brought tears to my eyes (no joke).

Exactly, China is strong now, time for you and me to go back and have our pieces of cake.

Get rich in China is easier than get rich in Canada.

It makes me wonder, does this thread relate to this one?

http://www.revscene.net/forums/power...i-t592643.html

Quote:

Originally Posted by ZhangFei (Post 6634382)

you guys think it is safe yet to return to the motherland?

yes, please go