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In a recent article for Foreign Policy, deputy editor James Palmer asked the critical question: “Did China Get Billionaires Right?” He summed up the state of the world’s two biggest economies like this:Â
In much of the world, the defining characteristic of billionaires is impunity: the ability to ignore laws, social norms, or borders through the sheer force of wealth. U.S. billionaires do all they can to evade their responsibilities to the state—or to actively subvert the government for their own ends. Capital, and the laws protecting capital, shields and fortifies them. It’s usually only when their wealth itself turns out to be fraudulent, as with FTX founder Sam Bankman-Fried, that they face jail time.
In China, however, every billionaire’s fortune is built upon a thin foundation: the goodwill of the CCP. At every turn, the ultra-rich, especially since Xi took power, are reminded that their wealth exists at the sufferance of the party—and that it could all be taken away. Careful not to draw attention to themselves or seem to challenge the party’s right to “lead everything,” billionaires’ position in China is inherently precarious.
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