Is this a symptom of something seriously wrong?

[rubato]

Is there any way to account for this other than corruption of a scale even beyond the Russian kleptocrats?

http://www.cnbc.com/id/100535130

Chinese Parliament Holds 83 Billionaires

Published: Thursday, 7 Mar 2013 | 7:31 PM ET
By: Jamil Anderlini


The legislature of the world's last major communist country is almost certainly the wealthiest in the world, according to a popular rich list that names 83 dollar billionaires among the delegates to China's parliament this year.

Meanwhile, in America there is not a single billionaire in the House of Representatives or the Senate while the wealthiest member, Texas Republican Michael McCaul, is estimated to be worth a paltry $500 million.

Among the delegates gathered in Beijing this week to attend the National People's Congress, the China-based Hurun Global Rich List identified 31 people with more than $1 billion in personal assets.

(Read More: China's Planners Push Urbanization as Main Growth Driver)

The richest is Zong Qinghou, founder of Chinese drinks maker Wahaha, with an estimated fortune of $13 billion, according to Hurun.

The NPC is tasked with approving legislation proposed by the ruling Communist party but in practice it plays a mostly ceremonial role. Another 52 billionaires are delegates to the Chinese People's Political Consultative Conference, a toothless advisory body that meets at the same time as the NPC for about two weeks each year in early March.

Given the difficulties involved in calculating the hidden wealth of many of China's top leaders and their families, analysts say the Hurun report probably seriously understates the true number of super-wealthy participants in the political sessions. ..."

http://www.ft.com/cms/s/0/4568598e-8731 ... abdc0.html
http://www.allgov.com/news/us-and-the-w ... ews=849364
http://articles.washingtonpost.com/2013 ... run-report

“Another popular choice is to acquire a foreign passport, and we are already seeing a lot of CPPCC members who have become foreigners.”

The top three richest members of the CPPCC are all sons of Hong Kong tycoons, with Victor Li, the son of Asia’s richest man, Li Ka-shing, coming in first with an estimated family fortune of $32 billion.

Hong Kong’s relatively smooth transition from a former British colony back to Chinese territory over the past 15 years has been helped by support from the territory’s richest citizens, who were mostly co-opted by the Communist Party in exchange for business opportunities on the mainland.

The economic and social distortions caused by this level of imbalance of wealth bode poorly for China's future.

yrs,
rubato

[Lord Jim]

"Chinese Parliament Holds 83 Billionaires"

[oldr_n_wsr]

Tax the shit out of them.

[dgs49]

I haven't done any detailed research on the subject, but I'm guessing that China has a bit of a problem with "income inequality." I wonder if they fret about it like many Americans do.

[oldr_n_wsr]

I wonder if they fret about it like many Americans do.

I don't fret about. I try and do as good a job as I can in my field and get paid as much as I can for that job. Other people are in jobs that pay more. I do not begrudge them their money. Sure there are plenty of people and fields that make/pay too much money according to me, but heck, I am not envyious. If I wanted, I could have gone into that field (except pro sports, while I was good enough for highschool, not so in college). I chose (actually stumbled into) a field that I enjoy and make a pretty good living at. I have pretty much everything I need and a few things that I desired (as opposed to needed). Others have more, others have less. I worry about what our needs are, and wants come after the needs are met.