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In China, have the wealthy grow to be too wealthy?

Paradoxically, at first of this 12 months 2021 marked by the centenary of the Communist Get together, the official press welcomed the report variety of billionaires that China had generated: 992 (910 in mainland China and 82 in Hong Kong), based on the calculations of the Hurun group situated in Shanghai, which, on March 2, printed the rating of the world’s main fortunes. That is 250 greater than in 2020 and way more than the next two nations mixed: the USA (696) and India (177).

Article reserved for our subscribers Learn additionally “Frequent prosperity”, Xi Jinping’s new mantra for China

If Jack Ma, the founding father of Alibaba, a former English trainer, is essentially the most well-known, he’s not the richest. With a fortune estimated at 56 billion {dollars} (47.5 billion euros), he can be overtaken by Zhong Shanshan, the founding father of Nongfu Spring, the king of mineral water in China (85 billion {dollars}, virtually as a lot than the American Warren Buffet), but additionally by Pony Ma, boss of Tencent (74 billion), and Huang Zheng, founding father of Pinduoduo (69 billion), two different tech giants.

Takeover by the authorities

For the primary time for the reason that existence of this rating, no actual property king is now not within the Prime 10 of the richest Chinese language, now dominated by expertise shares. The Covid-19 epidemic and the ensuing lockdown have made many individuals blissful. The fortune of Wang Xing, the founding father of Meituan, king of residence supply, quadrupled to $ 34 billion. Meituan additionally generates fourteen billionaires, greater than some other firm on the planet, based on Hurun.

Learn additionally Alibaba founder Jack Ma steps down as president of his enterprise faculty

At different occasions, the authorities would have welcomed these successes, however the finish of 2020 can have, quite the opposite, marked the beginning of a takeover of those financial jewels by the authorities. E-commerce giants at the moment are accused of abuse of dominance, residence supply corporations of exploiting tens of tens of millions of supply folks and personal training corporations of accelerating social inequalities and substituting themselves to public training. So many saying criticisms of the marketing campaign in favor of “frequent prosperity” that Xi Jinping has simply launched.

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