Home GRASP GRASP/China China has fewer rich lawmakers but their fortunes have grown

China has fewer rich lawmakers but their fortunes have grown

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The Hurun Report, China’s version of the Forbes rich list, found 152 wealthy delegates to the National People’s Congress and its advisory body.
Members of China’s billionaire-studded ceremonial legislature are even richer than last year.
It’s all the more remarkable considering the number of super rich lawmakers dropped by about a quarter, according to wealth compiler Hurun Report, China’s version of the Forbes rich list.
Hurun’s report released Friday found 152 super-wealthy delegates to the National People’s Congress and its advisory body, which are set to meet next week in Beijing.
That’s down from the 209 who attended last year’s session of the rubber-stamp parliament.
The group’s collective wealth, however, swelled to 4.1 trillion yuan ($650 billion), up by nearly a fifth from 3.5 trillion yuan the previous year.
Tycoons with fortunes from traditional businesses like mining, autos and real estate share space on Hurun’s list with entrepreneurs who made their money from internet services, smartphones and glass for the devices, highlighting the evolving nature of China’s economy, the world’s second biggest.
The report also underlines fears about the political fortunes of China’s elite under President Xi Jinping, who’s carrying out a marathon corruption crackdown.

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