The South China Morning Post reported on April 4 that China's ultra-rich now hold assets equivalent to 10 times more than Norway's annual GDP. China's economy may be going through a tough patch at the moment, but there are most ultra-rich citizens than ever before.
Hurun Research Institute and China Minsheng Bank said that there are more than 17,000 Chinese that can be classified as ultra-rich. These wealthy individuals all have at least 500 million Yuan in assets. The combined assets of all ultra-rich Chinese is worth 31 trillion Yuan, which is about 10 times Norway's annual GDP, and 20 times that of the Philippines. Chinese ultra-rich are worth an average 1.82 billion Yuan and have an average age of 51 years old.
Most of China's ultra-rich are entrepreneurs, real estate speculators and professional investors. Among the ultra-rich, there are 300 people with at least 10 billion Yuan in assets, 2,900 with two to 10 billion, 5100 have one to two billion Yuan, and the rest have between 500 million and one billion Yuan.
Hurun founder Rupert Hoogewerf said that the number of ultra-rich Chinese has reached a record high because of China's economic growth and stock market recovery. Many of the ultra-rich are involved in manufacturing and 70% have listed companies in Shanghai and Shenzhen.
China's ultra-rich have fancy taste: 45% invest in jewelry and jade, while 29% like to collect paintings and calligraphy. However, Singapore's Lianhe Zabao reported that 55% of China's ultra-rich live in second and third tier cities rather than in first tier cities.
Source: inews.qq.com
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Keywords: China economy China ultra-rich
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Yes, well that's generally how capitalism ends up. Difference being that we in the west actually admit to call it "capitalism" without any shame unlike the authoritarians here...
Apr 09, 2015 17:43 Report Abuse
If you can count how much you have, you are not wealthy.
Apr 09, 2015 11:09 Report Abuse
I wonder how many of these "Ultra-Rich" invest in China and cleaning it up for their grandchildren? Oh, that's right... their children and their grand children were sent abroad long ago... Raping your country, and cheating your countrymen for riches won't earn you any respect.
Apr 09, 2015 00:35 Report Abuse
That's news? Philippine had Marcos, Indonesia had Suharto. Every third world country has its handful of corrupted rich. 'China's ultra-rich now hold assets equivalent to 10 times more than Norway's annual GDP.' Breathing 10 times worse polluted air than Norwagians, rolling over roads paved with anything from phelms to shits. I think very few Norwagians, from toilet cleaners to CEOs, would want to trade place with any of these 'rich' people if they know the truth about China.
Apr 09, 2015 00:18 Report Abuse
I agree. Capitalism is going to die out. Not just because of the technology but because of the self-awareness of the human psyche. Greed has been the driving force of humans for as long as we can remember (or religion). But more and more people these days are asking... and then what? I got all this money... but am I happy? I worked my ass off but why do I still feel empty? What is the point? At this point, some kind of new system will need to be created to give purpose to people's lives. Slaving away for materialistic items just won't cut it.
Apr 09, 2015 00:24 Report Abuse
@Robk That's why education is being dumbed down as we speak on many countries. 7 billion of self aware individuals just isn't manageable, no matter what.
Apr 09, 2015 08:57 Report Abuse
@ Eorthisio: So far I am not seeing where anyone is questioning the status quo. I'm not seeing the age of sharing coming, and technology isn't a savior of anything by no means. So far, I just see technology as a tool for isolation, projection of fears and comfort. And I'm saying that being a big supporter myself of everything shared freely, free/open source movements in and out of IT and such. So far we're the losing side. Should humanity have made reasonable choices, our current level of knowledge would already have allowed us to build a utopian society of enlightenment and enjoyment, leaving most of the tedious work to robots. It hasn't happened, and chances are even if we were to fly to space and get all the resources we want in unlimited quantities, this would still not be happening. The question is why, and this is no small question. About 3D printers, they may make the news sure but trust me you don't want to live in a 3D house or drive a 3D car just yet.
Apr 09, 2015 09:06 Report Abuse
Zbigniew Brzezinski stated not too many years ago something like... In the past if was easier to control masses of people than kill them, today it is easier to kill masses of people than control them. What he says is foreboding, since he views world governance in a technocratic way. The technocrats simply come to the conclusion that in order to control the masses, kill off a certain percentage of the masses. the rest will get the hint and either be controled again, or die as well...
Apr 09, 2015 11:18 Report Abuse
7b population living under a gigantic icloud, conglomerates pushing global automation and seamless supply chains. Guess? Youth unemployment, already 13% (ILO figure) in G20 countries will continue to climb. Gov'ts/businesses don't have a clue what to do, so they regurgitate the same sales pitch, 'guys and girls, all of you become entrepreneurs, great future ahead'. See the number of raised middle fingers? Demand for water > supply by 40% (meaning water shortage of 40%), by 2030 (UN). Emerging countries like China naturally takes the lead (hey, china, another 'big face' for you) on the demand curve. But wait a second, number one of what? Water shortage, genius! LOL
Apr 09, 2015 17:01 Report Abuse
Don't know about whether I'd class annual growth rates of seven percent as "bad". It's certainly a step down for a country such as China, but to say that it's bad may only be adding fuel to the fire that is known as falling business and consumer confidence.
Apr 08, 2015 19:55 Report Abuse
There are also more ultra-corrupt Chinese than ever before. The two go hand in hand.
Apr 08, 2015 18:12 Report Abuse
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