原文标题：It's raining millionaires in Shanghai!
In the bustling city of Shanghai, around 132,000 people have a personal wealth of 10 million yuan ($1.54 million).
Shanghai comes second after Bejing, which has 170,000 millionaires, according to the Shanghai Wealth Report 2011 published by the Hurun Report and independent financial adviser Gao Fu.
The average age of the super-rich is 43 years. These super-rich tend to own three properties, five luxury watches and four cars.
The super-rich have increasingly shown an affinity to fine wines and collecting art, especially Chinese classical art. This year they are looking to add a holiday home, with Sanya as their preferred destination.
Liu Yongxing, with a wealth of about $5 billion, is the richest person in Shanghai.
The city boasts to have 7,800 super-rich people, who have a personal wealth of 100 million yuan.
China has a total of 960,000 millionaires people who are worth 10 million yuan or more. This is a rise of about 10 per cent compared to last year's rich list.
Of the 960,000 millionaires, 55 per cent made their wealth from their private business. Twenty per cent are property speculators.
Around 15 per cent are stock market gurus, who are also the youngest with an average age of 38. The remaining 10 per cent are high earning salaried executives.
Rising property prices and a fast-growing GDP have been the key drivers for the growth in the number of these millionaire luxury consumers.
Property prices in 2010 rose across the country by 13.7 per cent, with luxury property prices rising even faster.
Shanghai's rapid economic development and exploding real estate market has created a situation where 1 in every 175 people in Shanghai is a millionaire.
The number of these Shanghai-based luxury consumers is growing by 8.2 per cent year on year.
A report by Knight Frank in April this year noted that luxury property prices in Shanghai rose 21 per cent year-on-year, the fastest in the world.
"There is still a great deal of hidden wealth in the Chinese economy," Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said. Around 30 per cent of the millionaires are women.
Communism only in governance!!
by anand bhalchandra pande (View MyPage) on May 21, 2011 07:40 PMAfter the fall of the soviet union china realised that too much or excess communism in every sector is bad. So while maintaining communist party rule and communist ideologies in governance, it gave freedoms in financial,manufacturing,agriculture sectors etc to develop and prosper in order to avoid the soviet unions fate which was militarily strong but economically weak.And following that strategy along with one child policy has clicked and look where china is now.
Millionairs in China
by Kiran Khedekar (View MyPage) on May 18, 2011 02:43 PMBe it communism or any other political ideals, money matters a lot. China has understood that wealth generation activities can be promoted only through allowing personal progress. The definition of communition is changing slowly. Infact we have to balance between equal distribution of wealth and providing equal opportunities to create wealth. Rest should be left to the people of the country.
by buddhavarapu venu gopal (View MyPage) on May 18, 2011 08:11 AM | Hide replies
how come communist china have so many millionaires i believe communism advocates equal distribution of wealth
Re: communist china
by asif khan (View MyPage) on May 18, 2011 02:03 PM
we all indian has to learn from them ...as their national pride is more important than thinking abt corrupt politician, bad infra ...and less to posses more to use ...and team works and understanding like what they can do for them, their people(as one country not like relegion and regional divide ) and for their country ....
Re: communist china
by om shanti (View MyPage) on May 18, 2011 08:18 AM
Yes,if equally distributed,most people can be millionaires..
Just imagine,how many people can be millionaire,if the deposits in swiss accounts and all scam money is shared between all...
In China,communism means equality of wealth
In Bengal,communism means equality of poverty...
what would happen
by rahul joya (View MyPage) on May 18, 2011 01:08 AM | Hide replies
if US started to bring back all the American MNC jobs back to the US? Stop all call centers, stop H1 B visa program?
What if the dollar starts going up?
Can middle class afford BMW in India?
How come china have so many millionaires...???
by Vortex (View MyPage) on May 17, 2011 06:13 PM | Hide replies
How many chinese brands are rocking world wide??
LENOVO and telecom ZTE..what else???
Re: How come china have so many millionaires...???
by Red Iff (View MyPage) on May 18, 2011 02:12 AM
there are no brands.. but most of the electronics device of best brands come from China.. like sony , apple , nokia
It's raining millionaires in Shanghai!
by Kashi Gowlikar (View MyPage) on May 17, 2011 06:07 PM | Hide replies
If corrupt Congress had not ruled us /ruined us for so many years, if there was no corruption in India, if no black money was put in Swiss banks,we would have beaten China in this aspect.
by Vortex (View MyPage) on May 17, 2011 06:05 PM | Hide replies
There is only one chinese in top 20 list of richest person's in the world, he is Li Ka-shing..where as 2 indians are there.
Now 4 richest indians are richer than 40 richest chinese.
Re: Good work..
by sikhizindabad (View MyPage) on May 18, 2011 02:25 AM
that means diff between rich and poor is very high in india compare to china.
You should be shamed not proud of this fact
Salaried people are the biggest sufferer
by Politician Hater (View MyPage) on May 17, 2011 05:57 PM | Hide replies
Salaried people are the biggest sufferer in India today and they are suffering like begger and keep on suffering.
For politician until their 10th generation they will enjoy like Royal life.
by bravestar bravestar (View MyPage) on May 17, 2011 05:50 PM
What is the use of having more millionaires in India? Our cities are filled with filth and no where compared to cities in China. Top 20 cities of china are at par with european standards. And we do not have even a small area with european standards.
MY BIGGEST NIGHTMARE THESE DAYS IS ..................
by Chalta Hai (View MyPage) on May 17, 2011 05:35 PM | Hide replies
............. China will overtake India economically :-(
Re: MY BIGGEST NIGHTMARE THESE DAYS IS ..................
by ram bhimani (View MyPage) on May 17, 2011 05:38 PM
It is already ahead of India economically..
Re: MY BIGGEST NIGHTMARE THESE DAYS IS ..................
by Politician Hater (View MyPage) on May 17, 2011 05:50 PM
We are 50 yrs behind china
Re: Re: MY BIGGEST NIGHTMARE THESE DAYS IS ..................
by AN INDIAN (View MyPage) on May 18, 2011 01:20 AM
You are a idiot. In 1990 China's per capita income was less than India's. In 20 years China has grown so much. So how can we be 50 years behind China. Fool.
Re: Re: Re: MY BIGGEST NIGHTMARE THESE DAYS IS ..................
by redfid (View MyPage) on May 18, 2011 02:56 PM
have you gone to shangai and beijing...well see it and then compare with delhi or mumabi..then you will agree that india is 50 years behind china..no bdbout about it..
you are an idiot who does not know the latest developments in china..
New face of Communism
by Sunil Dodeja (View MyPage) on May 17, 2011 05:06 PM | Hide replies
That is the new face of communism.
In China no worker is everallowed to strike work - create loss to industry - dont know what to say for the Indian Communist.
Chinese style is much more progressive!!
Re: New face of Communism
by om shanti (View MyPage) on May 17, 2011 05:25 PM
chinese workers have 2 days weekend..
They get 45% of their basic salary as contribution by their employer to their social security fund where as in India employer's contribution to PF is 12.5%.
There is no tax upto salary yuan 4800 rmb/month that is upto about rs. 32,000 /month.above that only around 2% tax.
Housing loan 4 % and car loan 5% interest.
Re: Re: New face of Communism
by Daaku Potato (View MyPage) on May 17, 2011 05:37 PM
dont look up to China, look down to Somalia, looking up will bring pain in neck.
Re: Re: Re: New face of Communism
by Dibyarka Basu (View MyPage) on May 17, 2011 06:03 PM
Ho!Ho! Our bapu told that when you want to understand how rich you are, look down and see people who are poorer than you.
by junaid anwar (View MyPage) on May 17, 2011 03:07 PM | Hide replies
1.5 million dollars comes to around 7 crores,in delhi and mumbai we can find more than 100000 people with the same kind of wealth.
by ASHISH KUMAR (View MyPage) on May 17, 2011 05:12 PM
But that no. is 10 lacs in one city of china(communist country)
What it implies that even though its a communist country & govt controlling the policy, still lot of scope for enterprenur/bussiness man to grow & become super rich like any other country.
Re: Re: 1.5
by ASHISH KUMAR (View MyPage) on May 17, 2011 05:14 PM
Thats diffrence between Enterprnur/bussinesman( who earned money using fair means) & corrupt politician/burecratt.
Former can show his money officaly while later has to hide it save his skin.