Following the Latest Report of the Hurun Global Rich List

 

By Michael Pröbsting, Revolutionary Communist International Tendency (RCIT), 8.3.2021, www.thecommunists.net

 

 

 

 

 

A few days ago, an important annual report about the richest people in the world was published – the co-called Hurun Global Rich List. [1] The Hurun List is published in China and is the country’s equivalent to the American Forbes List.

 

The latest issue confirms a trend which been visible already in the past years and about which we have reported on several occasions. [2] The number of billionaires in China is continuing to grow. Not only this, but it is also growing at a faster pace than those of the U.S. (See Table 1)

 

According to the Hurun Global Rich List 2021 the number of Chinese billionaires increased by 259 last year and amounts now to 1058. This makes up nearly exactly 1/3 of all ’known’ billionaires in the world! The number of U.S. billionaires grew by 70 in the same period and amounts now to 696. Together, the super-rich of these two leading countries make up 54% of ’known’ billionaires in the world. (See also Table 2)

 

Most Chinese billionaires live in Beijing (145), Shanghai (113), Shenzhen (105), Hong Kong (82), Hangzhou (66) and Guangzhou (61).

 

Hurun’s chairman said that actually the real number of billionaires is about 7500 – double as many than are known. He adds: “We have found 696 billionaires in the USA, for example, suggesting the true number should be at least double that, perhaps as many as 1500. In China, we have found over 1000, but the actual number is probably closer to 2500.”

 

Another interesting development revealed in the report is the fact that Healthcare was the fastest riser of the year 2020 (with Chinese corporations playing a leading role). Currently Healthcare and Real Estate are the main source of wealth for the world’s billionaires. This demonstrates once more, as the RCIT has repeatedly pointed out throughout the last 13 months, that large sections of monopoly capital are massively profiteering from the COVID-19 policy of bourgeois governments all over the world. [3]

 

In summary, the Hurun Global Rich List shows once more that China is a “communist” country only by name. [4] Not only is it a country with a fully developed capitalist class, but it even has also become the strongest capitalist state in the world (aside the U.S.). Therefore, the RCIT characterizes China as an imperialist Great Power and why we consider the Cold War between the U.S. and China as a key axis of the current historic period. [5]

 

Hence, it is impermissible for socialists to glorify China as a “progressive” state. The only legitimate slogans from a Marxist point of view are:

 

Neither Washington nor Beijing! In any conflict between imperialist Great Powers: no support for any side! For revolutionary defeatism against all imperialist rulers!

 

For international unity in the struggle for liberation of the working class and the oppressed peoples!

 

Forward in the international struggle for socialism!

 

 

 

Table 1. China and U.S. Lead the Global Rich List 2013-2021

 

                               2013                      2016                      2020                      2021

 

China                   349                         568                        799                         1058

 

U.S.                        409                         535                        626                         696

 

 

 

Table 2. China and U.S. Lead the Global Rich List 2021

 

                               2021                      Change 2020-2021           Share of “Known” Global Billionaires 2021

 

China                   1058                      +259                                      32.8%

 

U.S.                        696                         +70                                        21.6%