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The 2,900 Club: 90% of China’s Billionaires Are Children Of Senior Cadres
By Paul Midler | February 27, 2008
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.
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[Note: CNY1bn = US$140mn]
Topics: China |
February 27th, 2008 at 10:51 am
At what level, one is considered a senior cadre, by this report?
February 27th, 2008 at 12:32 pm
Not sure, report did not say. Children of CCP members anyway…
February 27th, 2008 at 1:40 pm
There is a huge difference. A lot of those who were born before 1960 and college-educated — I would venture to guess the overwhelming majority — are CCP members.
February 27th, 2008 at 9:14 pm
The report states CHILDREN of senior cadres, so I’d assume children (and their children) of guys like Deng, Jiang Zemin, Bo Xilai, Hu and Wen.
The statistic that most interests me, however, is that despite the whole “patriotic love motherland” theme beaten into everyone in China and Hong Kong, I want to know exactly which senior leader children have FOREIGN passports (i.e. Get Out of Jail Free cards)and to what countries???
February 27th, 2008 at 9:34 pm
Let me guess…she got there all due to hard work and gettin’ down ‘n dirty???
http://www.womenofchina.cn/Profiles/Officials/18893.jsp
February 28th, 2008 at 5:49 am
Some of those children are grown adults by now. I should have clarified the point.
March 4th, 2008 at 8:52 pm
What I find impressive is that Guangdong has more billionaires than the rest of China put together. Maybe there’s something to my suspicion that the white elephant infrastructure projects being built in Beijing and Shanghai are funded with Guangdong tax dollars. And the recent changes in tax policy and so on are an attempt to stick it to the Cantonese for making too much money.
March 5th, 2008 at 7:42 pm
There’re plenty of white elephants roaming around Guangdong as well…
March 12th, 2008 at 5:48 am
There are more of these billionaires in Guangdong Province than in Shanghai and the two neighboring provinces there. That’s incredible…
March 12th, 2008 at 10:38 am
H: There’re plenty of white elephants roaming around Guangdong as well…
Maybe so, but other provinces aren’t paying for them. Guangdong is paying for everyone else’s white elephants.