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Economy

A Snapshot Of The Chinese Super-Rich

China is starting to study the origin of its newfound wealth, and the behavior of those who possess it. A recent report shows China’s wealth largely comes from real estate and manufacturing, with a surprisingly high percentage of the money now invested ab

Beijing (relgar)
Beijing (relgar)

BEIJING - The "Private Banking White Paper 2011" issued last week by the Hurun Report website jointly with Bank of China shows that 14% of people who own more than 10 million RMB (about $1 million) have either emigrated or are in the process of doing so. Another 50% are considering emigration.

From May to September this year, the research institute led by Rupert Hoogewerf, the founder of the China Rich List, conducted face-to-face interviews with individuals with average assets of more than 60 million RMB in 18 large Chinese cities. The research resulted in 980 valid questionnaires from respondents with an average age of 42.

The white paper indicates that one-third of this group of individuals owns assets abroad. These overseas assets account for 19% of their capital. The major target of the group's investment is in property, and among the individuals who don't yet have any overseas assets, 30% are planning to invest abroad in the next three years.

Children's education is the main cause for China's rich to invest overseas, with more than half of the people surveyed citing this issue. But a full third of the individuals invest abroad to begin to lay the groundwork for emigration.

More than 60% of the respondents wish to pass on their enterprises to their own children, while just 30% say they are willing to hand over control to professional managers.

On this year's Hurun China Rich List, more than one-quarter of the 1,000 wealthiest Chinese got rich from real estate. Another 20% come from the manufacturing sector. Among the world's 1,000 billionaires, real estate businessmen account for about one in 10, whereas manufacturers account for only 8.5%.

When we compare Chinese billionaires and their world counterparts, there is a big gap. Relatively few Chinese billionaires work in the fields of finance and investment, in the entertainment sector or in retail. Rupert Hoogewerf says this finding means that these three sectors still have serious potential for growth.

Read the full story in the Economic Observer

Photo – relgar

*Newsbites are digest items, not direct translations

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Geopolitics

Olaf Scholz: Trying To Crack The Code Of Germany's Enigmatic Chancellor

Olaf Scholz took over for Angela Merkel a year ago, but for many he remains a mysterious figure through a series of tumultuous events, including his wavering on the war in Ukraine.

man boarding a plane

Olaf Scholz boading an Air Force Special Air Mission Wing plane, on his way to the EU-Western Balkans Summit in Tirana.

Michael Kappeler / dpa via ZUMA Press
Peter Huth

-Analysis-

BERLIN — When I told my wife that I was planning to write an article about “a year of Scholz,” she said, “Who’s that?” To be fair, she misheard me, and over the last 12 months the German Chancellor has mainly been referred to by his first name, Olaf.

Still, it’s a reasonable question. Who is Olaf Scholz, really? Or perhaps we should ask: how many versions of Olaf Scholz are there? A year after taking over from Angela Merkel, we still don’t know.

Chancellors from Germany’s Social Democrat Party (SPD) have always been easy to characterize. First there was Willy Brandt – he suffered from depression and had an intriguing private life. His affected public speaking style is still the gold standard for anyone who wants to get ahead in the center-left party. Then came Helmut Schmidt. He lived off his reputation for handling any crisis, smoked like a chimney and eventually won over the public.

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