China's 1 percenters are now worth as much as the GDP of the United Kingdom

Cory Doctorow 10:31 am Thu Oct 12, 2017

China's latest rich-list of 2,030 people controlling fortunes of $300M or more now totals $2.6 trillion, as much as the UK GDP.

Topping the rich-list are a few tech billionaires, but the big, big money is in the hands of the people who led China's out-of-control, precarious real-estate bubble.

Xu Jiayin, chairman of real estate developer Evergrande Group, has emerged as China’s richest man with assets worth US$43 billion.

Last year’s leader, Wang Jianlin, dropped to fifth after declines in the share price of his embattled Wanda Group saw his family’s net worth slump 28 per cent to US$23 billion.

“Overall, the Hurun Rich List has grown faster than any year since 2007, with the possible exception of 2015,” said Rupert Hoogewerf, Hurun Report chairman and chief researcher.

China’s richest 2,130 people have as much money as the world’s fifth-largest economy
[Alun John/South China Morning Post]

(via Naked Capitalism)

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