Thursday, October 11, 2007

China's 600% growth - for the rich, anyway

Just spotted this article on Fin24 entitled "106 billionaires in China".

Two amazing things -

  1. The list is headed by a 26-year old woman; and
  2. From 15 billionaires in 2006 to 106 now, that's over 600% growth!

And they've done that on the back of 11% growth for the country.

The only snag is that this list really only touches on the rich, and you know what they say - "the rich get richer and the poor get poorer", so perhaps it is not a fair reflection.

According to 2006 World Bank statistics, China's per capita income was $2,010 - putting them at #129 on a list of 209 [at least they've moved from lower-income to middle-income]. In comparison - South Africa was at #84 with a per capita income of $5,390. Taking into account that the rich offset the poor in these calculations, and looking at how some of SA's people live in [what we consider to be] abject poverty - just think that their average is less than half of SA's - and the number of people there that must be living in even worse poverty!

Will be interesting to see what improvements show for 2007 - for both China and SA, and to see what a difference 11% growth makes to the majority of people in the country rather than just the richest of the rich.

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