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Survey finds China passes U.S. in number of billionaires

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PER CAPITA

China - 4,58 billionaires per 10 million Chinese

USA - 16.78 billionaire per 10 million Americans

List of billionaires as a proportion of the pop.:

http://uk.businessinsider.com/countries-ranked-by-billionaires-in-proportion-to-population-2015-7

7 ( +7 / -0 )

Marx would be proud.

Ask always say, China is not communist.

0 ( +3 / -3 )

If Communism works, it is impossible to have billionaires.

6 ( +6 / -0 )

Marx would be angry.

2 ( +4 / -2 )

This reconfirms that capital accumulation has no face and knows no bounds.

0 ( +2 / -2 )

There is communism and there is pseudo/fake communism. Do the Chinese know which it is?

0 ( +3 / -3 )

Burning BushOCT. 15, 2015 - 06:37PM JST Marx would be proud.

Actually, I think you meant to say Mao would be proud. China was pretty much a failed state off the radar when Marx was alive.

presto345OCT. 15, 2015 - 10:15PM JST There is communism and there is pseudo/fake communism. Do the Chinese know which it is?

China has never been a communist country. Collectivization and all dressing the same didn't make it a communist state. Now it's just authoritarian with a mostly state-capitalist economy. Nothing Marx or even Lenin wrote have any bearing on contemporary China.

2 ( +2 / -0 )

"There is communism and there is pseudo/fake communism. Do the Chinese know which it is?"

Do you know your own history? Study about Mr. John Rabe and his works.

Be happy for Chinese and have some respect for them. It will soon be the country that you need to look up to. Get used to it.

-3 ( +1 / -4 )

So people can stop complaining that the West is siphoning off all the planet's wealth

2 ( +3 / -1 )

JohnY921OCT. 16, 2015 - 01:26AM JST Be happy for Chinese and have some respect for them. It will soon be the country that you need to look up to. Get used to it.

Not unless the government liberalizes and as that is not likely to happen, China has probably risen about as high as it's going to. Being grossly over-populated is problem as well.

0 ( +2 / -2 )

“Consider this: according to a report from Credit Suisse, there are now 109 million adults in the Chinese middle class. That officially makes China home to the largest middle-class population in the world, larger than that of the U.S. and Canada combined,” Financial Post reported.

“Hoogewerf, chief researcher at Hurun, said that Hurun is only able to identify roughly 50% of the country's billionaires, and that 15% of China's wealth is hidden from the public,” CNN reported.

“To a reasonable level of accuracy there’s no one in China in the bottom 10% of the world’s population by wealth. And yet there’s some 10% of those global poor in North America, and another 20% or so in Europe. So, yes, it really is true that there’re more poor people in America (and Europe) than there are in China,” according to Credit Suisse Wealth Report.

China’s really earned the respect and admiration from the World.

-2 ( +1 / -3 )

flowersOCT. 16, 2015 - 06:00AM JST “Consider this: according to a report from Credit Suisse, there are now 109 million adults in the Chinese middle class. That officially makes China home to the largest middle-class population in the world, larger than that of the U.S. and Canada combined,” Financial Post reported.

That's a factoid like saying that India is the most populous democracy in the world.

That's middle-income (class is a social marker) by Chinese standards. The Chinese still have far less purchasing power than do middle-income people in Taiwan, S. Korea, Japan, the U.S., Canada and so on.

As someone noted upthread, per capita, Chinese wealth is considerably less than any of the members of the OECD states with the median income in China about 15% of that in the U.S.

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita

Outside the major cities, particularly those on the coast, China is still a developing nation and due to over-population likely to remain in this state.

2 ( +2 / -0 )

@flowers Don't forget India. Both China and India will continue to grow while the US and EU continue to decline.

China and India will probably always have huge underclass populations and serious environmental problems, among others, but both seem willing to accept that as part of the cost of increasing wealth, making them not that dissimilar to the other empires of the present and past.

Where the resources needed to sustain growth will come from and who will control them is the serious question that we'll find out so enough.

2 ( +2 / -0 )

Both China and India will continue to grow while the US and EU continue to decline.

The US and EU are not declining, in terms of GDP; they're just growing more slowly, like all developed economies do.

3 ( +4 / -1 )

@flowers: Both China and India will continue to grow while the US and EU continue to decline.

That is a very simplistic observation. As other posters mentioned there is a number of factors which have to be considered when comparing the growth (present and future) of China to other developed economies. 1. China and India are still developing, and thus theirs growth is faster than that of developed economies. 2. Since the Chinese & Indian economic growth is quite a recent thing, there have been no major shortages of resources to sustain this growth. This might change in the future though, if, by some fortunate turn of events, not only the commercially/industrially developed cities but also the other areas which are home to the remaining one billion of the Chinese and Indians get to develop at the same pace. 3. Again, as mentioned by another poster, the income disparity between the industrial/commercial centers and inland areas is huge. 4. China’s one-child policy is likely to lead the country to the same demographic problems which Japan and other developed economies face at present. As, similarly to Japan, China is not particularly an immigrant-friendly country, its future development will depend on the ability of the government and the Chinese as a nation to find peaceful solutions other than immigration. 5. Environmental problems, particularly in China, are still somewhat overlooked but as the situation gets better, the human life cost might grow, leading to further distrust within the country and out of it.

Easy to boast in times of growth. Difficult to find solutions when the growth is stemmed. It seems that the neighbor-countries of China are worried about all the possible problems it might face because there is no guarantee at present that the Chinese government will choose to look for peaceful solutions.

2 ( +3 / -1 )

Jeff HuffmanOCT. 16, 2015 - 07:00AM JST, “That's middle-income (class is a social marker) by Chinese standards.”

Look around you and read more, more Chinese people are travelling around the world, they spend a lot more money buying expensive gifts for friends and relatives, they are able to send their kids abroad to study that require them to pay substantial more tuition fees than the locals, they own their expensive cars and houses out right without mortgage, the so called “ghost towns” are owned by the middle-income earners as their second or third property for investment, they are not in debt up to their neck like people in the West, etc. Based on Purchasing Power Parity, Chinese people are at the top. Don’t forget that a dollar is not worth the same very where, so for the same item it may be cheaper in China. GDP meant nothing when you compare with the size of the population so China will always look poor on average. You should look at their savings rate and debts. In the West a lot of people are in the negative wealth position, a large chunk of their income goes towards paying down debts and interest. Middle income people in China have the same living standards as the West but without any debts. So who do you think is better off? By the way, do you know that last year the number of Chinese billionaires were lower than the US by a wide margin? With all those negative news on China how come the Chinese are getting richer?

0 ( +0 / -0 )

flowersOCT. 17, 2015 - 02:52AM JST Look around you and read more, more Chinese people are travelling around the world, they spend a lot more money buying expensive gifts for friends and relatives, they are able to send their kids abroad to study that require them to pay substantial more tuition fees than the locals, they own their expensive cars and houses out right without mortgage, the so called “ghost towns” are owned by the middle-income earners as their second or third property for investment, they are not in debt up to their neck like people in the West, etc.

You are not describing the consumption habits of middle-income Chinese, who, regardless of PPP, are not as wealthy as middle-income Japanese, S. Koreans, Taiwanese, etc., etc. You are describing the spending of the wealthiest of Chinese. Middle-income Chinese, as with middle-income people throughout the rest of the world, cannot afford to own BMWs, own multiple properties and send their children abroad to study.

Based on Purchasing Power Parity, Chinese people are at the top. Don’t forget that a dollar is not worth the same very where, so for the same item it may be cheaper in China. GDP meant nothing when you compare with the size of the population so China will always look poor on average.

PPP is a poor gauge of wealth and per capita GDP means everything. China doesn't just "look poor," as more than 900 million Chinese are poor and unlikely to escape this.

China has become more expensive in the last few years, the economy has slowed (exports, still China's lifeblood, have declined), the recent RE bubble is nearly as bad as that seen in the U.S. and Europe than the U.S. and anything not made or grown in China costs as much as it does in other industrialized economies if not more.

-1 ( +0 / -1 )

This news is blessing to Vegas. Chinese billionaires spend plenty money here every day.

2 ( +2 / -0 )

Flowers

In my view, there is no many working middle class people in North America particular US. In theory. US is the wealthiest nation. However more than 30 percent of unemployed Adult population is surviving with food vouchers. The Rich in North America is very rich. The poor in North America is worse off comparing with Europeans who have been subsidized with social welfare. Unemployed Europeans still have decent living. They have opportunity for moving better and prosperous nations. In term of purchasing power parity, North America is far behind Qatar, Luxemberg and Singapore. They have been neglected and dumped.

In China, more than 300 millions people surviving with less than five dollars a day. There is no social safety net in China. Due to urbanization, rural people lost their family homes for construction project. The poor in China is very poor too. However they have hopes and opportunities because many new industries are emerging in China. Such as Solar panels, bio technology and public housing system.

Overall North American governments have no money to burn for citizens well being and advancement. Chines government is sitting over more than Trillions dollars of cash for preventing social instability. Due to very large population, average Chinese citizen will never enjoy the purchasing power and fulfillment as Qartar and Singapore citizens.

-2 ( +0 / -2 )

Jeff HuffmanOCT. 17, 2015 - 06:43AM JST, you are wrong. What I described to you is in fact the average middle-income Chinese. If they are the wealthiest of Chinese then considering the large number of them will put the West to shame. I know a lot of them and I don’t think they are among the wealthiest. According to you over 900 million Chinese are poor so there must be some kind of shelters for them or you think they are just wondering around and begging for food. I don’t think they have any shelters for poor people there unlike the West. Yes, there are some people living on the streets but the numbers are not staggering, the same here in the West. Here is what in the news, “The Chinese government will enact more support policies to lift the country's 70 million poor people above the poverty line by 2020, President Xi Jinping pledged on Friday ahead of the 23rd International Day for the Eradication of Poverty.”

Why do you think that “PPP is a poor gauge of wealth and per capita GDP means everything?” GDP per capita means nothing when you in the West are in so much debts, at least the Chinese have saved up for the rainy days. China can weather the storm better than the West can and the past records have shown that. China is a developing country but it’s hardly a poor country, well at least it is one of the largest creditors of the US. So if China is rich how come they have 900 million poor Chinese without any social crisis, this doesn’t make any sense. The prediction from the West that China is collapsing has been wrong for decades already. When a country is rich and the government has control on almost everything, how do you think it is going to collapse?

1 ( +1 / -0 )

You are not describing the consumption habits of middle-income Chinese, who, regardless of PPP, are not as wealthy as middle-income Japanese, S. Koreans, Taiwanese, etc., etc. You are describing the spending of the wealthiest of Chinese. Middle-income Chinese, as with middle-income people throughout the rest of the world, cannot afford to own BMWs, own multiple properties and send their children abroad to study.

While what you say is true, the middle class in China is a lot better off than they were even a decade ago. I was talking to a foreigner I know in China when I was there last week, and he was talking about how when he first moved to China, being white meant he could get a lot of girls, because they thought foreigner = money. But he said now that is gone, because the Chinese guys have money now. The purchasing power of the middle class in China now is now not so different from that of those in Japan, Korea and Taiwan. More people are owning cars, and more people are buying houses. China has a lot more money nowadays than it had in the past. While there is still a lot of poverty in the countryside, when you get into the cities, there are a lot more people that are a lot more comfortable than they were even just a decade ago.

1 ( +1 / -0 )

This trend is normal. China is basically the first world economy. The US destroyed themselves by a very poor foreign policy, also hurting financially their own allies, like Europe and Japan.

-1 ( +0 / -1 )

US income tax 45% of net income. Almost all state operate their budget with own State income tax etc. So high income people move to no income tax state.

-1 ( +0 / -1 )

StrangerlandOCT. 17, 2015 - 08:43AM JST While what you say is true, the middle class in China is a lot better off than they were even a decade ago.

No disputing this. However, I still don't believe that they have achieved the same level of material well-being (for what that's worth) as the other two economic powers in NE Asia and are still well behind what characterizes middle-income in the U.S. and Canada, Australia and NZ, the UK and Germany. The Scandanavians are kicking all our a$$@$ and they are doing it with socialist public policies never achieved in the PRC or the Soviet Union during the bad old days before they discovered that greed is good.

The purchasing power of the middle class in China now is now not so different from that of those in Japan, Korea and Taiwan. More people are owning cars, and more people are buying houses.

Yes, this is true. I do not refute this. Flowers, however, describes consumption reflective of the wealthiest of Chinese, not those in the middle-income bracket.

China has a lot more money nowadays than it had in the past. While there is still a lot of poverty in the countryside, when you get into the cities, there are a lot more people that are a lot more comfortable than they were even just a decade ago.

Understood, my brother-in-law works in Shanghai, so I'm well-aware of the standard of living there. Again, my post was in response to Flowers obvious overstatement of how well the middle-income Chinese were doing. Again, if they are on par with the middle-income in the West, they don't own multiple properties or routinely send their children abroad for college.

Alex80OCT. 17, 2015 - 03:55PM JST China is basically the first world economy.

No. China is still a developing nations with pockets of First World achievement. Fully half of China's population lives on about $1,000.00/year, less than what a HS student in the U.S. would make with a part-time job.

The US destroyed themselves by a very poor foreign policy, also hurting financially their own allies, like Europe and Japan.

While certain aspects of our foreign policy have been damaging to the U.S. domestically, the U.S. still has the largest economy in the world and a per capita GDP of about $54,000.00/year, far and away the largest of any nation with a population of over 100 million people. Europe and Japan have their own economic problems that have little to do with U.S. domestic economic policies or foreign policiy.

toshikoOCT. 19, 2015 - 10:03PM JST US income tax 45% of net income. Almost all state operate their budget with own State income tax etc. So high income people move to no income tax state.

Not entirely sure what you mean by this statement. However, the only two possible interpretations of what you have written are incorrect. Federal and state income taxes are based on 100% of earned income and/or no one is paying 45% federal and/or state income tax. If this were true, we'd have virtually no current account deficits. In fact, the opposite is true. The middle- and upper-middle income brackets pay about a maximum of 35% federal income tax and the upper- and upper-upper income brackets pay less than that. We have a regressive federal tax code in the U.S.

Further, NYC has the highest average income level of any major city in the U.S. and is still the financial and corporate locus for the U.S. economy. NY, NJ and Connecticut, the three states where most people employed in NYC reside, all have state income tax.

0 ( +0 / -0 )

@Jeff: There is no income tax in some states in USA. There is no state income tax in NEVADA. For US. after deduction, I pay 45 % to IRS every year that Obama made as law.

0 ( +0 / -0 )

596? Pretty much the entire Chinese government and cronies?

0 ( +0 / -0 )

Coconuts; They own industries/ Thry are the ones making China rich and USA poor/

1 ( +1 / -0 )

toshikoOCT. 20, 2015 - 10:26AM JST @Jeff: There is no income tax in some states in USA. There is no state income tax in NEVADA

Never claimed otherwise. I live in Washington and, like a number of states, we survive on sales, property and B&O taxes alone. It's a highly regressive tax system and makes state budgeting very difficult.

For US. after deduction, I pay 45 % to IRS every year that Obama made as law.

If you are paying 45% of your gross or net income in federal taxes, you need someone else to do your taxes for you. The U.S. federal income tax code has not changed since the reductions made during the Bush administrations. The Obama administration has, unfortunately, not been able to raise taxes on the upper income brackets. The top rate for federal income tax has been less than 40% for nearly 30 years now.

http://www.moneychimp.com/features/tax_brackets.htm

http://www.cleveland.com/datacentral/index.ssf/2011/02/historical_top_federal_income.html

0 ( +0 / -0 )

This news is blessing to Vegas. Chinese billionaires spend plenty money here every day

My- ohh my- Toshiko-san, You're so right. Even in California casinos those, chinese whales are everywhere. Dropping lots hard cash too. High Limit rooms, Poker Rooms, Tips, VIP Lounges, Exec. Suites, Time-Share's - you name it.

They must be doing well. Since the mid 90's, (southern CA) these chinese billionares have made their presence felt everywhere. Lot's med-big sized business and or cornering key real estate markets.

They drive luxury cars too. Don't know how it is in mainland china. But on CA west coast, the chinese are ballin'

0 ( +0 / -0 )

WC636" Ochanga? They sure love warm place. When New Jersey created Atlantic City as casino city, they ignored snd casinos there were bankrupted, incruding Trump

NV is expecting increase in Gaming Tax revenue. I'd brt CA, too.

1 ( +1 / -0 )

Went to a shop in macau casino few years ago. Tourist from china came in and said: "Bring out all your most expensive bags" then he purchased them all. Also as Wc626 mentioned, high limit table are mostly are filled with Chinese gambler. I actually posted this experience in my site <www.luxury138aa.com> , not long ago. Having said that in China a lot of the rich kids are being "punished" for flaunting their wealth on social media. Not so good if your parents are government officials

0 ( +0 / -0 )

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