The arrival of Alibaba´s Jack Ma at the top of the Hurun rich list, is part of a profound economic change in China, says Hurun founder Rupert Hoogewerf. New billionaires will be coming from new media and entertainment, while real estate, manufacturing and mining will lose their old positions, he tells in China Economic Net.
Hiding wealth from the Chinese tax offices might be harder for the rich, as today the Foreign Account Tax Compliance Act (Facta) kicks in, reports WSJ wealth editor Wei Gu at the Wall Street Journal. Foreign countries not only have to share their data on US citizens, they get something back.
Alibaba´s Jack Ma was only the latest of a string of Chinese millionaires investing into football in their country. Football is a game changer, only in the early phase of commercializatin, say WSJ´s wealth editor Wei Gu and Roy Lu of Starline Inc., a Sino-U.S. sports entertainment agency.