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cross-posted from: https://lemmy.sdf.org/post/44852111

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China has witnessed a sharp rise in the number of ultra-wealthy individuals over the past year, driven by a robust stock market and the rapid growth of “new economy” sectors, according to the Hurun Research Institute.

The institute’s latest China Rich List recorded a total of 1,434 individuals, each with a net worth of at least 5 billion yuan (US$702 million, an increase of 340 people, or 31%, from the previous year. Collectively, their wealth reached 30 trillion yuan, marking a 42% surge compared with last year.

[…]

The Hurun list, first published in 1999, tracks billionaires across mainland China, Hong Kong, Macau, and Taiwan.

“To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”

[…]

Stock market rally fuels billionaire boom

Chinese stock exchanges have seen significant gains over the past year, reflecting renewed investor optimism in industries such as electric vehicles (EVs), biotechnology, and computing. As of September 1, the Shenzhen Stock Exchange surged 54% year on year, the Shanghai Composite Index rose 36%, and Hong Kong’s Hang Seng Index climbed 42%.

[…]

    • Kami@lemmy.dbzer0.comEnglish
      121·
      21 hours ago

      Just this morning I was reading someone’s comment about how China is bringing socialism to the whole world.

      I hope it was a bot because such a detachment from reality is concerning.

      • Glide@lemmy.caEnglish
        4·
        16 hours ago

        Millionaire’s are incompatible with communism. Billionaire’s are incompatible with socialism.

        .ml says a lot of shit whenever they pry Winnie the Pooh’s cock from their mouths long enough to speak.

        • Communist@lemmy.frozeninferno.xyzEnglish
          1·
          6 hours ago

          They are incompatible with end stages of communism, but not socialism, and even then, I don’t think they’re saying they’ve already built socialism or communism, I think they’re saying that they are building it.

          i don’t think they will ultimately decide to start transitioning to either, because that would require a lot of people in power relinquishing it, but I think it’s better to try and actually understand both sides rather than argue against strawmen.

          also, the argument of socialism is that the workers should own the means of production not that there should be some arbitrary wealth cap. Marx never said anything about a wealth cap, though many socialists would want one it isn’t fundamental to socialism, there’s even types of socialist called market socialists, ultimately the only characteristic that unifies socialists is worker control over the means of production.