The richest 70 members of China’s legislature added more to their wealth last year than the combined net worth of all 535 members of the U.S. Congress, the president and his Cabinet, and the nine Supreme Court justices.
Zong Qinghou , China’s richest person with a fortune estimated to be at least $8 billion, says his personal spending averages $20 a day. The soda and juice magnate doesn’t gamble, drink or play golf and eats his meals at the company canteen.
From her leafy, 11th-floor rooftop terrace at the headquarters of Soho China Ltd ., billionaire Zhang Xin scans the relentlessly expanding Beijing skyline she helped create. Zhang’s avant-garde buildings -- some sleek as chopsticks, others stepped like rice terraces -- became part of the hottest real estate market on Earth in 2010.
As Chinese Premier Wen Jiabao this week opens the annual gathering of the National People’s Congress with a pledge to shrink China’s wealth gap, his challenge will be reflected in the makeup of the assembly itself.
Caprice Lam took 90 minutes to close his first luxury-yacht sale, from the time the customer stepped aboard the 62-foot (19-meter) vessel on China’s Hainan Island to the moment the bank wired the 35 percent deposit.
Yu Jiang looks into the front window at his two-bedroom apartment in the center of Kangbashi, in China’s Inner Mongolia, and says he may buy another. The place has been empty for three years, as are as many as 90 percent of the units near it.