A Plethora of Wealth in China

China has been known for many things throughout the years, some good and some not so good. People have praised China, others have criticized. When it comes to what the country is most known for though, certain things come to mind. Chief exports such as zinc, mining and oil equipment may be one. An amazing Olympic gymnastics team may be another. But really, those are all generic ideas and do not give the country half of the recognition that it deserves. I could rattle off countless guesses, but the absolute last thing that I, or anyone else for that matter, may think China produces a lot of, is billionaires. But low and behold, it’s absolutely true. The roster of considered billionaires, anyone whose worth is at least $150 million, took on an additional 180 members this year. This brings the total number of people on the ample well-to-do list to 1,000, compared to 2004, when only 100 were counted. Rupert Hoogewerf, publisher for Hurun Report, suggests that the actual number is likely twice as high as originally reported though.

“There are still a large number of billionaires off the radar screens, managing to build up substantial wealth away from the public spotlight from property, the stock market and investments,” he says.

Wang Chuanfu, a car battery maker, is the newest addition to the list with an accumulation of a nice $5.1 billion. Others on the list have moved up or down a few spots but still solidly remain a member of the uber wealthy club.

According to the Hurun Report, China’s influx of billionaires directly relates to the rising prices of stocks and property, which has drastically pushed personal values up. Whatever the reason, one thing will remain the same-I can’t seem to get the car battery business out of my head. You know, I never would have even considered anything of the sorts for myself, but after coming across all of this, the car battery business doesn’t sound that bad at all.

Via: WSJ, Suite 101