AFP: 'Wealth bloodletting' as no. of China billionaires falls
In China, both billionaires and poor migrant workers are getting poorer, instead of the rich getting richer and the poor getting poorer.
'Wealth bloodletting' as no. of China billionaires falls
(AFP) 3 days ago
BEIJING The number of China's billionaires fell for the first time in seven years, a group that tracks the country's fortunes said Monday, amid a slump in the property sector and falling stock prices.
China had 251 people worth a billion dollars or more, down a total of 20 from last year, the Hurun Report, a luxury magazine publisher that compiles the list, said in a statement.
Rupert Hoogewerf, Hurun Report chairman and chief researcher, said in a statement that "some significant wealth bloodletting" could be seen in this year's results.
China's economy, which grew more than 10 percent a year for the decade through 2010, has entered a significant slowdown amid the broader global slump.
In China, both billionaires and poor migrant workers are getting poorer, instead of the rich getting richer and the poor getting poorer.