Wealthy Chinese Shift Focus From Making Money to Protecting It
- President Xi Jinping’s common prosperity drive rattles nerves
- Richest clients are laying low and moving assets toward safety
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China’s rich aren’t sleeping well these days. As President Xi Jinping’s campaign to redistribute income gains momentum, the wealthy are on the defensive, deleting social media profiles and moving money around with an eye toward the next crackdown.
The new emphasis on protection is a shift for the upper classes, who have for years benefited from stellar economic growth and a relaxed official attitude to personal fortune. The country created a new billionaire every week in 2021, bringing the total to more than 750 -- more than India, Russia and Germany combined and just behind an estimated 830 in the U.S., according to the Bloomberg Billionaires Index.