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The rich get richer, only more slowly

(Shanghai Daily)

08:18, September 09, 2011


The combined wealth of the 400 richest people on China's mainland is growing more slowly this year as a result of China's tighter monetary measures and global financial turmoil, Forbes China said yesterday.

The fortunes of the wealthy had risen to a total of US$459 billion by August 19, up 8 percent from last year - 4 percent if counted in yuan - according to the 2011 Forbes China Rich List.

The rate of growth was much lower than last year's 31 percent, counted in yuan, and China's targeted gross domestic product growth of 8 percent this year.

Russell Flannery, Shanghai bureau chief of Forbes Global, said: "The tightening monetary policies, the price spike in materials, the yuan appreciation and volatile financial markets have made the business environment more challenging for private companies."

China's construction boom pushed Liang Wengen, founder and chairman of construction equipment maker Sany Heavy Industry, to the top of the list with a personal fortune of 59.5 billion yuan (US$9.3 billion).

Liang has taken the top spot from Zong Qinghou, of drink maker Wahaha, who is fifth this year with 41.6 billion yuan. Liang was also named the richest by the Hurun Research Institute the day before yesterday, though with a differently calculated fortune of 70 billion yuan.


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Canada at 2011-09-0970.36.49.*
The optics are bad when the elderly & migrant workers are struggling to survive. I hope the CPC leaders are dedicated to improving the lives of the masses.
  

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