China has 130 billionaires

[SoCalDem]

http://www.straitstimes.com/Breaking%2BNews/Asia/Story/STIStory_441623.html?vgnmr=1

Oct 13, 2009
China has 130 billionaires

Mr Wang, the founder of rechargeable battery and electric car maker BYD, leapt 102 places to top the rich list after his fortune increased more than five-fold to US$5.1 billion (S$7.13 billion). -- PHOTO: REUTERS

BEIJING - CAR battery tycoon Wang Chuanfu topped a new list of China's 1,000 richest people released on Tuesday, which has 130 billionaires in an emphatic declaration of the Asian giant's economic arrival.

snip

Carmaker tops China's rich list
BEIJING - A WARREN Buffet-backed carmaker worth US$5.1 billion (S$7.13 billion) has surpassed a disgraced appliance tycoon to become the richest person in China, according to an annual report on Tuesday.

Huang Guangyu, the richest man in China last year, dropped to 17 on the list this year, worth US$3.4 billion, after he resigned as chairman of the country's biggest appliance chain while under investigation for alleged economic crimes, according to the Hurun Report.

Most of the super-wealthy on the Hurun Rich List, unlike Mr Wang, made their fortunes in the property and stock markets - the focus of Beijing's massive government stimulus efforts over the past year.

'China's wealth is growing at breakneck speed,' Rupert Hoogewerf, the founder of the Shanghai-based Hurun Report which publishes the annual list, told a press conference. 'You can double the real number of billionaires in China to 260. There are still a large number of billionaires off the radar screens, managing to build up substantial wealth away from the public spotlight from property, the stock market and investments.'

Mr Wang, the founder of rechargeable battery and electric car maker BYD, leapt 102 places to top the rich list after his fortune increased more than five-fold to US$5.1 billion (S$7.13 billion), said Mr Hoogewerf.

The rich list gained 180 new members - despite the entry criteria for the latest list rising by 50 per cent to US$150 million.

Seven people moved into the top 10, in the biggest shake-up since the report started publishing the rich list in 1999. -- AFP

[dysfunctional press]

1. china will have to start REALLY beefing up it's military to protect those fortunes.

that's how/why we do it.

[AllentownJake]

4. They lease ours from time to time

but agreed, they are going to need to get those aircraft carriers up and running soon to project power into client states.

They are buying up a lot of world commodity resources but have little to protect them from revolutionary governments in said areas.

[Mari333]

2. the corporations that sent all of our jobs over there

are doing well. no unions, cheap slave labour, shabby products. guess a lot of people got rich, and fuck the poor everywhere else.

[Vinnie From Indy]

5. Yep!

The Age of the Global Corporation is upon us. Quite simply, these corporations will spend at least the next hundred years jumping from place to place on the globe to find the cheapest labor. They have no allegiance to any country. The nation-state is actually a godsend to the global corporation because it allows them to shop around for corrupt governments and cheap labor as well as play countries against each other.

It is funny that the right wing goes berserk about the notion of a one world government when, in fact, we already have a global power structure. That structure is run by the wealthy elite that control these gargantuan companies. The rest of us are just Helots and serfs.

[Greyhound]

3. "has surpassed a disgraced appliance tycoon"

So just like us the most ruthless, heinous, and destructive win in China. Manufacturing defective and poisonous products, killing workers and customers alike and killing the environment are good things, the things we reward.

Great.

[KillCapitalism]

6. They grow richer & we grow poorer. n/t

[bridgit]

7. There's allot of money in cheap, poisonous crap from China

[Egalitariat]

8. It is by far the most capitalistic society on Earth. Billionaires always follow.

[OHdem10]

9. When are they going to do something to "beef up" wages of the Masses

so they can afford to buy the products they manufacture.

They surely cannot depend on us to buy their products any more.
Up until now we were their market for all the low cost goods.

Psst. Someone best tell them unfettered Capitalism creates
lots of billionnaires and masses of poor.

[enid602]

10. 130 billionaires . . .

They also have a billion zeroaires. Time for a socialist revolution. Oh right, they already had one.