Wednesday, October 10, 2007

China now has 106 Billionaires

up from 15 last year...boy, that communism is sure working out for them.


China's billionaire tally is second only to that of the U.S., which has 400, according to the Hurun Report, as surging mainland and Hong Kong stock markets have boosted wealth.

``China may have 200 billionaires, we just haven't identified them yet -- there are a lot of people out there who don't report their assets,'' said Rupert Hoogewerf, who has produced the list since 1999. ``The new wealth we haven't discovered yet is lying in the stock markets.''

The mainland benchmark CSI 300 Index of stocks has nearly quadrupled in the past year. Hong Kong's Hang Seng Index is up 41 percent this year through yesterday, the strongest annual performance since 1999 if it holds through year-end. Mainland and Hong Kong-based companies raised HK$160.3 billion in Hong Kong this year through Sept. 30, up from HK$133.9 billion last year.