[Riodacat]

The ironic thing is formerly socialist countries have first hand experience with it and are running away from it. Would you believe Russia now has 77 Billionaires and a 13% FLAT income tax? China also has a growing number of rich entrepreneurs. The city of Shenzhen puts to shame any modern city in America.

Ummmm, no. The "ironic thing" is that you just included the PRC in your definition of "formerly socialist countries".
Last I heard, it is still a socialist/communist state.

[ajay_kumar]

Officially yes, but the government policies have changed drastically. Whereas under Mao-Tse-Tung one was not allowed to own property or big bank account, now China has ever increasing cadre of millionaire entrepreneurs. In fact o0ne of my good golfing buddies moved permanently to China and runs his business there. He is in Shenzhen city and describes it as new, modern, and humming with commerce.