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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5692)	5/6/2004 2:01:00 AM
From: RealMuLan	Respond to of 116555

China's rich get richer. Fast The biggest tycoons' wealth grew by a third last year, while combined fortunes equal to 90% of Shanghai's 2002 GDP By Chua Chin Hon BEIJING - China's richest tycoons are getting wealthier at a phenomenal pace, with their average personal fortunes rising 31.5 per cent last year, to hit a billion yuan (S$206 million). The combined wealth of the country's 500 richest men and women was estimated at 500 billion yuan last year, or about 90 per cent of financial hub Shanghai's gross domestic product in 2002, according to Shenzhen-based business magazine New Fortune. The combined wealth of 334 people who have been on the list for two years running grew by 91 billion yuan - an increase of 33.4 per cent - last year, despite disruptions brought about by the outbreak of Sars, and shortages of power and resources. 'A 30 per cent increase in wealth within a year is enough to put many foreign tycoons to shame,' the magazine said in an editorial, although it added that these Chinese millionaires are still far from matching the likes of Americans Bill Gates or Warren Buffett in terms of absolute wealth. straitstimes.asia1.com.sg