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CCP is Capital Capitalism Party: Beijing beats New York in billionaires

Thu, Feb 25, 2016, 03:40 PM
Marxists entertain the fond view that one day the entire world is communist. Likewise capitalists have the belief that one day communism would die its natural death. Neither view is correct.

Can you believe it? Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says, BBC reported.

A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report said.

Shanghai, China's centre of commerce, came in the fifth place.

Hurun, which tracks wealth in China, has released an annual Global Rich List for the past five years measuring billionaires' wealth in US dollars.

It found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires.

Overall, China has overtaken the US as the country with the highest number of billionaires. However, the top 10 billionaires in Hurun's list is still dominated by Americans.

Both the systems are full of contradictions. How is that there are so many billionaires in Beijing more than in New York?

The answer: Beijing is seen as the country's nexus of power where the elite often have close ties with the Chinese Communist Party leadership. So CCP is capitalist.
Agency: Ap7am Desk
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