China’s rich have not only survived successfully the financial crisis, they are getting richer very fast, says Rupert Hoogewerf, the author of the annual Hurun report, documenting for a decade the well-to-do, according to Reuters. The country now counts 130 billionaires, up from 101 last year and that number might be under-reported.
China’s rich are getting richer, with the average wealth on the list $571 million, up almost one-third from last year, said compiler Rupert Hoogewerf.
“With the greatest wealth destruction in the west of the last 70 years, we’ve seen China buck the trend and the wealth seems to be still growing,” Hoogewerf told Reuters on the sidelines of an event to unveil the 2009 rich list.
“They’ve put the credit crunch behind them,” he said. “The key driver has been urbanization. You’ve got all these cities being built, and that requires property developers, iron and steel manufacturers. The latest thing is cars.”