The 70 richest members of the National People’s Congress, China’s legislative body, collected more wealth than their US brethren, discovered Rupert Hoogewerf, founder and managing director of Hurun, a Shanghai research body focusing on China’s rich, according to Bloomberg.
Hurun, a Shanghai-based publisher of magazines targeted at the Chinese luxury consumer, uses publicly available information such as corporate filings to compile its annual list of the richest people in China. It then cross-checks that data with the government’s list of NPC members.
Zong Qinghou, chairman of beverage-maker Hangzhou Wahaha Group (HWGZ) and China’s second-richest person, with a family fortune of 68 billion yuan, is a member. So is Wu Yajun, chairwoman of Beijing-based Longfor Properties (LHREZ) Co. She has family wealth of 42 billion yuan, according to the Hurun Report.
Former President Jiang Zemin pushed for the inclusion of wealthy private entrepreneurs into the Communist Party a decade ago. Now they have regular access to top party leaders who are also NPC members.
The third-richest person in the NPC, auto-parts magnate Lu Guanqiu, traveled with Vice President Xi Jinping to the U.S. during his official visit this month, attending a meeting with Vice President Joseph Biden and Treasury Secretary Timothy F. Geithner in Washington on Feb. 14…
The wealth of the top 2 percent of NPC delegates rose 13 percent in the 2011 Hurun list following a 14.3 percent fall in the Shanghai Stock Exchange Composite Index in 2010 and a further 21.7 percent drop last year. Hong Kong’s Hang Seng dropped 20 percent in 2011 and the Shenzhen Composite fell 33 percent in the same period.
The wealthiest member of the U.S. Congress is Representative Darrell Issa, the California Republican who had a maximum wealth of $700.9 million in 2010, according to the center. If he were in China’s NPC, he would be ranked 40th. Per capita income in China is about one-sixth the U.S. level when adjusted for differences in purchasing power…
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