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China 2.0

The Difference Between Chinese And Western Billionaires

A disproportionately high number of China's so-called "super-rich" came from real estate. It's the first clue about what's wrong with Chinese wealth accumulation.

RMB banknotes at Beijing's Bank of China
RMB banknotes at Beijing's Bank of China
Guo Yumei*

BEIJING — Technological and scientific innovation not only pushes forward economic development, but it also makes a few business leaders some big and fast money. Microsoft's creative contribution in operating systems both promoted the rapid development of computers, and just as rapidly made Bill Gates very, very wealthy. He has remained, for most years over the past two decades, at the top of the Forbes list of the world's richest men.

More recently, not only has Tesla's powerful acceleration promoted the development of the environmentally conscious electric car, but it has also propelled Elon Musk to be one of the fastest accumulators of wealth on the Hurun Rich List.

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In The News

War In Ukraine, Day 126: Russia Watching NATO, As Path Cleared For Finland And Sweden To Join

As NATO leaders meet in Madrid, Finland and Sweden look much closer to joining the alliance after Turkey dropped its objections to their membership. It's yet another momentous change underway since Russia's invasion of Ukraine.

International leaders after having their photograph taken before the start of the NATO 2022

Anna Akage, Shaun Lavelle, and Emma Albright

A high-stakes NATO summit has kicked off in Madrid, as leaders of the world’s largest defense alliance discuss the war in Ukraine and key decisions that will shape the organization’s future direction. NATO Secretary-GeneralJens Stoltenberg said the Russian invasion of its neighbor had prompted a fundamental shift in its approach to defense.

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Finland and Sweden look much closer to joining the alliance after Turkey dropped its objections to their membership. The three countries released a joint memorandum that “extend[ed] their full support against threats to each other's security," FinnishPresident Sauli Niinistö said.

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Central to the tragic absurdity of this war is the question of language. Vladimir Putin has repeated that protecting ethnic Russians and the Russian-speaking populations of Ukraine was a driving motivation for his invasion.

Yet one month on, a quick look at the map shows that many of the worst-hit cities are those where Russian is the predominant language: Kharkiv, Odesa, Kherson.

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