Wednesday, October 10, 2007

Made in China

SHANGHAI (Reuters) - China has more billionaires than any country except the United States, as soaring stock and property prices helped to boost wealth among the country's super-rich, researcher Rupert Hoogewerf said on Wednesday.

The number of Chinese worth $1 billion or more jumped to 108, from 15 last year, growing much faster than in western countries, Hoogewerf said in his 2007 China "rich list," which ranks the 800 wealthiest individuals in the country.

China's economic growth is largely driven by construction and manufacturing, rather than by science and technology, seven of China's 10 richest people are mainly or partly in the real estate business.

-----Construction, real estate. To build those factories and manufacture. Please end the war now. China really needs oil for continued growth.

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