Daily Lessons from Life 16 October 2013 - China’s rich get richer despite slowing economy: Forbes

"China’s rich get richer despite slowing economy: Forbes - AFP Oct 16, 2013 SHANGHAI - China's 400 richest people became US$150 billion (S$186.64 billion) wealthier this year, Forbes magazine said Wednesday, despite a slowdown in the world's second largest economy. The vast increase - an average of almost US$400 million each - highlights the growing inequality between the Communist country's superrich and the millions who still live in poverty. "The rich are getting richer," Forbes Shanghai bureau chief Russell Flannery told a press conference as the magazine unveiled its annual China rich list. "The rapid growth of wealth in China seems to be out of line with the Chinese economic slowdown," he said. The net assets of the top 100 richest people in China soared 44 per cent from a year earlier to US$316 billion, the magazine said, while the number of dollar billionaires rose to a record high of 168." Aah. It is the same world. Communist or Capitalist. The Rich gets Richer! Lessons for me are: 1. the Rich get richer is true no matter where you are. Just that is seems a bit out of place and incongruent when it is happening in a communist country. :-); 2. someone once told me the Capitalist USA system is screwed as he read a report that the richest 1% of USA owned the wealth of 46% of the population. He said this cannot be RIGHT! Maybe he is an idealist. Maybe he has a point. How come there is such disparity?; 3. anyway, the Communist PRC is a 'social capitalist country now'. It has a system that is termed 'a capitalistic society with a social conscience'. OK, they did not said that. It is a term I coined or borrowed as some wise persons must have coined some terms to described this unique economic created called PRC Economy. Yes? Regardless, when the rich-poor divide becomes too big and spread too wide, the rich will not be comforted. When there is no stability and peace, there is no room to build prosperity, the sustainable sort. So, I am sure every rich person wants the poor and poorer folks to become 'richer' too. Finally, is it a blessing or a curse to be known by Forbes as a rich person? :-)