China’s rich are becoming richer, reported the annual Hurun Rich list this week. The number of dollar billionaires went up with 27 percent, but – admits Hurun founder Rupert Hoogewerf in The Indepent, Although: “Valuing the wealth of China’s richest is as much an art as it is a science”.
Topping the list for the first time was Wang Jianlin, the property developer behind Dalian Wanda Group, whose fortune doubled to $22 billion (£14 billion). Wang overtook drinks maker Zong Qinghou as China’s richest person. The richest woman, Yang Huiyan, daughter of the co-founder of one of China’s biggest developers, was ranked fifth on the list with $8.3 billion.
Overall, China’s richest 1000 people became 27 per cent better off in the past 12 months, the report found. The close ties between business and politics were also clear: 153 on the latest list have been appointed to the National People’s Congress or the Chinese People’s Political Consultative Conference.
But Rupert Hoogewerf, who founded Hurun Report, admitted that “valuing the wealth of China’s richest is as much an art as it is a science”.
China has since September 1 a new visa system in place, but for many non-Chinese visiting the country there are still many lose ends. In the China Weekly Hangout of 12 September, ambiguity is the word Beijing-based lawyer Gary Chodorow uses most when talking about the new visas in China, officially in place since September 1. What to do with spouses, interns, people with F-visas and other visitors who are not allowed to work. Moderation by Fons Tuinstra of the China Speakers Bureau.
Next week we will be on a business trip to London, but the China Weekly Hangout is expected to resume on September 26.