Who’s Draining China? Massive Asset Transfer Abroad

The topic of “transferring assets abroad“ has always been sensitive in Communist China. To understand this, let’s revisit a report from October 2018. Published on the PwC official website by UBS Group, the “2018 Billionaires Report – New Visionaries and the Chinese Century“ mentioned that as of 2017, Communist China had 373 billionaires, more than half of whom came from real estate (20%), technology (19%), and consumer goods and retail (13%) industries. They collectively held assets worth trillion USD (about 7.8 trillion yuan), averaging 30 billion USD (about 209 billion yuan) per person. #chinaeconomy #chinaobserver All rights reserved.