The 2,900 Club: 90% of China’s Billionaires Are Children Of Senior Cadres
A report on China’s “bureaucrat-capitalist class” explains that nearly 90% of the economy’s billionaires – or about 2,900 - are the children of senior cadres. Collectively, the group is said to have assets worth over CNY2 trillion.
These billionaires are predominantly in: finance, international trade, property development and equities.
Where are they? Here is the breakdown: Guangdong, 1,566; Zhejiang, 462; Shanghai, 225; Beijing, 195; Jiangsu, 172; Shandong, 141; Jiangsu, 172; Shandong, 141; Fujian, 92; Liaoning, 79.
Critics inside the country are upset. Many say the wealth represent corruption. Worse, this is about nepotism. At the start of reforms, Deng Xiaoping said: “Let some people get rich first.” Many are asking now whether “some” aren’t rich enough already.
[Note: CNY1bn = US$140mn]