China's latest rich-list of 2,030 people controlling fortunes of $300M or more now totals $2.6 trillion, as much as the UK GDP.
Topping the rich-list are a few tech billionaires, but the big, big money is in the hands of the people who led China's out-of-control, precarious real-estate bubble.
Xu Jiayin, chairman of real estate developer Evergrande Group, has emerged as China’s richest man with assets worth US$43 billion.
Last year’s leader, Wang Jianlin, dropped to fifth after declines in the share price of his embattled Wanda Group saw his family’s net worth slump 28 per cent to US$23 billion.
“Overall, the Hurun Rich List has grown faster than any year since 2007, with the possible exception of 2015,” said Rupert Hoogewerf, Hurun Report chairman and chief researcher.
China’s richest 2,130 people have as much money as the world’s fifth-largest economy
[Alun John/South China Morning Post]
(via Naked Capitalism)
Lebanese director Nadine Labaki's Capernaum won this year's Cannes Jury Prize; it premiered in Lebanon this week and will be in North American cinemas starting December 14; It's a "neorealist movie" with an all-amateur cast that sheds some light on the life of outcasts: street children, inhabitants of slums, while tackling modern slavery and illegal […]
Since the US conquered Puerto Rico in the Spanish-American war, it has treated the island as a playground for the rich, with all kinds of sweetheart tax-deals and regulatory exemptions that lured some industry and some rich people to the island, but which kept it from ever developing its economy and infrastructure to American mainland […]
From its founding in 1912 until 1965, Houston's Rice University was free to attend; but today, Rice has joined other US universities in saddling its students with ghastly, inescapable mountains of debt, with annual attendance costing $61,350, $40,000 of which is tuition.
As more companies leverage cloud technology to unite and streamline their operations, the need for capable IT pros increases. But, as any IT guru will tell you, demand alone won’t get your foot in the door to this lucrative field. If you want to cash in on the demand and build a thriving IT career, […]
iOS 12 is finally here, which means now is the best time for aspiring developers to throw their hats into the app development game. While app development can be tricky for some, you can take an intuitive, beginner-friendly approach to understanding app creation and Apple’s latest iOS platform with the iOS 12 & Xcode 10 Bootcamp, […]
It might still be September, but the holiday season will be here before you know it, which means now is the time to think about where you want to vacation to—and what to do once you get there. To this end, we’ve scoured the Web and tracked down a number of travel hacking ebooks, gadgets, […]