$$$ CHINA HAVE NOW OVERTAKEN U.S.A WITH 596 BILLIONAIRES $$$

[xhw1986]

China has eclipsed the United States as home to the world’s highest number of billionaires, according to a new report.

Despite China's economy cooling in recent months, the number of billionaires within its borders rose this year by 242, bringing the total to 596.

The US, in contrast, is currently home to 537 billionaires, according to The Hurun Report, which monitors the wealthy in China.

The list reflects a power shift in China’s economy, with the surge in the number of super rich fuelled by the growth of the nation’s IT and manufacturing industries.

Online retailing, entertainment and other service businesses have been booming in China, while more traditional industries such as steel and natural resources have suffered a decline.

Top of the billionaire rich list is Wang Jianlin, the chairman of Wanda Group, which operates hotels, shopping malls and cinemas, whose wealth has increased 52 per cent since last year to US$34.4 billion (£22.2 billion)

He is followed by Jack Ma in second place, the creator of the e-commerce Alibaba Group, with a fortune of US$22.7 (£14.7 billion) billion, and Zong Qinghou of the Wahaha soft drinks and mineral water empire with $21.2 billion (£13.7 billion).

China’s leaders are attempting to transform the world’s second largest economy in the communist nation to become more self-sustainable, pushing domestic consumption and service business over traditional reliance on trade, investment and heavy industry.

“Despite the slowdown in the economy, China’s richest have defied gravity, recording their best year ever, and creating more wealth than any country has ever done before in a year,” said Rupert Hoogewerf, chairman and chief researcher of The Hurun Report.

The billionaire survey comes just days after Credit Suisse revealed in its annual wealth report that China’s middle class has overtaken the US to become the largest in the world.

China home to more billionaires than the US - Telegraph

 

[xhw1986]

 

[Shotgunner51]

Let's merge the threads @Oscar @Horus

 

[Economic superpower]

China surpassed Japan to become the 2nd largest in Net National Wealth.

China surpassed US to have the largest Middle Class in the world.

China surpassed US to have the most billionaires.

 

[xhw1986]

From Bank of America Merrill Lynch's Research Investment Committee:

China is both the largest producer and largest consumer of aluminum and iron ore, and the largest consumer of most other commodities (around 40-50% of copper; Chart 4). In the past 10 years, commodity demand growth in China represented between 50% and 100% of global consumption increases across most major commodity markets.

 

[Shotgunner51]

From Bank of America Merrill Lynch's Research Investment Committee:

China is both the largest producer and largest consumer of aluminum and iron ore, and the largest consumer of most other commodities (around 40-50% of copper; Chart 4). In the past 10 years, commodity demand growth in China represented between 50% and 100% of global consumption increases across most major commodity markets.

Good post!

Yes that shows how massive, even dominanting, is China's industrial capacity in the world. As industrial-exports capability becoming stronger than ever (check trade surplus), it calls for building strategic reserves i.e. stockpiling all strategic commodities.

These are very real assets.