Posted on 05/26/2015 10:03:17 PM PDT by 2ndDivisionVet
A new billionaire was created almost every week in China in the first quarter of 2015, according to a report by UBS and PricewaterhouseCoopers.
Wealth creation is booming for the Chinese -- supported by strong economic growth and robust capital markets -- and it's all happened in the last 15 years, said Francis Liu, a managing director at UBS Wealth Management.
They're primarily pulling in the big bucks from real estate, technology, healthcare and other consumer industries, he said.
In 2014, there were about 200 billionaires in China, versus 570 in the U.S., according to UBS.
Chinese billionaires are also using their new found wealth to give back. Older generations generally focus their philanthropy on areas like education and healthcare, while younger billionaire entrepreneurs have looked to social issues, such as supporting underprivileged communities....
(Excerpt) Read more at money.cnn.com ...
Oh my. I hope this doesn’t increase “the gap between rich and poor.”
Easy to get rich, apparently, when you’re building entire cities without a single person living in them, and when you let the Americans handle all the R&D which you just steal when you can get it.
And here I thought that nobody was supposed to get rich under communism. All classes equal and all that.
They are buying up massive amounts of real estate here in California. All cash.
This doesn’t bode well if they crash theri economy all of a sudden a lot of the “wretched masses” will be whipped up into a giant pacific consuming frenzy....
Being a “crony capitalist” has many rewards.
Nice, considering their economy is crashing.
I don’t get that either. Is chairman Mao turning in his grave at the capitalistic reforms implemented in China in recent years?? By definition, in a totalitarian communist system, at least still officially communist, how can there be so many wealthy Chinese?
And why does their totalitarian government allow them to buy real estate outside the country???
American free trade has been great for the Chinese.
There are hundreds if not thousands of rich/wealthy communists. The conflict is not between communism and capitalism. The conflict is between communism and democratic republics but the libs do not want to talk about that.
I think the Chinese have gone from Communism to something uniquely Chinese.
National Socialism is not unique to Chinese.
My friend is in China as we speak and she counted 128 building cranes between hotel and Pudong Airport in Shanghai. That is how many are clearly visible from the Highway. God knows how many more are in operation in the rest of the city.
It’s not exactly communism any more. It’s fascism. Only favorites get rich—those who excel in conforming and avoiding dissent.
China: crashing every month since 2007, according to the propaganda.
China has many more millionaires now...over one million new millionaires created in last 2 decades!
What do you work for the PRC? If anything, the propaganda has spun that the Chinese economy has take over the world and is perfect.
You may be wrong...China has created ONE MILLION NEW millionaires in last 2 decades. If that is crony capitalism, that is a lot of cronies.
The secrets to China’s wealth success are:
1) cheaply bought or stolen technology from west.
(I know this first hand)
2) cheap labor which works hard
3) No EPA
4) No unions
5) No tax on capital gains (not 100% sure of this item)
ONE MILLION NEW millionaires in China..that is a heckuva lot of cronies???
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