Recently, it was reported that Mumbai has more billionaires than Beijing, the capital of China. But now it’s being discovered that China’s billionaires deliberately undervalue their profits and assets to avoid government action. Today we will tell you, what is the real reason for the decrease in the number of billionaires in China?
While everyone in the world wants to be rich, or want to look rich, Chinese people are busy hiding their wealth, or are afraid of becoming too rich. Now in China, getting rich means asking for trouble. Because once people become wealthy, they become targets of the Chinese government.
In 2020, there were twice as many billionaires in China as there were in the United States.
In 2020, there were twice as many billionaires in China as there were in the United States. This year, Alibaba founder Jack Ma criticized the Chinese government. Since then, strict measures have been taken against him. Even Jack Ma has disappeared from public view. His company was also fined around Rs 40,000.
Rich people are leaving China in large numbers
In 2021, Xi Jinping launched a campaign to take legal action against these companies that have significantly expanded their funding. Since then, excessive wealth has become dangerous in China. That’s why rich people are leaving China in droves. Last year, four times as many billionaires left China than India. While 40,300 billionaires left India, 15,000 billionaires left China.
On August 8, famous Chinese billionaire Huang Colin became the richest man in China. But shortly thereafter, his company lowered its profit forecast. As the company’s stock fell sharply, their wealth fell by 30%.
Twenty days later, on August 27, another Chinese billionaire Zhong Shanshan became the richest man in China. But within 24 hours, he also fell from the top spot on the rich list.
No one wants to be number one on the rich list
Chinese people want to be rich, but no one wants to be at the top of the list of rich people. The atmosphere in China is against getting richer. Because Xi Jinping is targeting China’s rich. After reaching a certain limit, the billionaires out there are afraid of increasing their wealth because after that they will be scrutinized. The Chinese government has cornered him on corruption or other charges.
Share of government companies increased to 50%
The share of China’s private enterprises is declining, while the share of government enterprises has increased from 33% to 50%. China is the only major stock market in the world where state-owned enterprises and private companies hold equal shareholding ratios. While the number of billionaires in the world increased by 10%, the number of billionaires in China decreased by 35%.
There are communist ideas behind this behavior in China. They want to distribute the wealth of the rich to the poor. He believed that everyone should have equal rights to the country’s resources. There, anything more than hard work earned was considered dishonest, and property was considered the right of those who didn’t want to do any work. To do this, China’s billionaires are reducing their wealth or leaving the country.
In China people are shamed for showing money, is this possible in India?
China has previously tried to ban the display of money. People who show off money or possessions are being targeted in China. China has become the first country in the world to make serious efforts to curb extravagant lifestyles, considering it a social evil. In China, this is known as “luxury shame”, which means these people are discouraged from showing off big houses, big cars, expensive clothes, expensive bags, smartphones and “luxury watches” on social media.
In China, social media platforms such as Weibo, TikTok and Xiaohongshu have permanently deleted the accounts of many influencers who used to show off their luxurious lifestyles in videos and pictures, and this is not just a problem for these social media influencers.
Famous Chinese actress Fan Bingbing and famous rapper Kris Wu have also been blacklisted on social media for flaunting their lavish lifestyles. The account of Wang, a famous Chinese “Douyin” star, was also suspended.
King’s mistake was that he had stated in all his videos that whenever he stepped out of his house, his clothes cost more than INR 12 Crores and at least 8 people were always deployed for his security and this The TikToker used videos showing his mansion, luxury cars, and five-star hotels in his videos, which led to his account being blocked. But think about it, is this possible in India?
In India most of the social media influencers and movie stars flaunt their luxurious lifestyle on social media but in India this is neither considered a bad thing nor anyone is blocked for it, all this happens due to two reasons reason. That’s what the government says.
The government says it wants to combat the Chinese people’s sense of economic inequality, which prevents the wealthy from showing off their lavish lifestyles. But the second reason is one that the government is not yet ready to accept.
In fact, Chinese people’s incomes are falling, unemployment is rising, the economy is weak, and poverty rates in small towns and villages are high. At the same time, mobile phone usage is also increasing. And this use has now become a new problem in China.
In fact, when Chinese people see some people traveling abroad on social media and they have expensive cars, expensive clothes and luxurious houses, then it increases their stress and these people start to think why they don’t have all this . ? Because of this depression and stress, the dissatisfaction of the Chinese people is increasing, so the government there has begun to discourage those who show off their luxurious lifestyles. In fact, the Chinese government is afraid of this fact, lest the people feel guilty after seeing other people’s luxurious lifestyles. Very frustrated, leading to a rebellious situation. This is why people are now being trolled and insulted on a massive scale in China for their lavish lifestyles.
China has 1 billion smartphone users
China has the largest number of smartphone users in the world at 1 billion. Each Chinese person spends about 6 hours active on social media every day. When he sees things on social media that do not exist in life, it will make him feel excited. . Disappointment grows. This is exactly the problem plaguing the Chinese government.
And because of this, sales of Louis Vuitton, Dior bags, Burberry and Swiss watches have dropped significantly in China. This is important because the Chinese hold the highest share of the global luxury goods market at 35%. Leftists conveyed to the world the idea that all citizens of the country should have equal property rights. But economic inequality remains high in Communist-ruled China.
41% of China’s national income only flows to the top 10% of people. The rest of the people just see the luxurious lifestyle and show off of these very few people on social media. They are suffocated and keep thinking: I want to know this When will the day come?
This is happening in India too, it is happening in our country too, many people see many such videos on social media where people show their big houses, big cars, travel abroad, expensive clothes, expensive shoes and luxury watches photos. Post pictures. And.. they try to tell themselves that their life is very happy, other ordinary people will feel stressed after seeing these pictures in the virtual world, then they also make this luxurious lifestyle their goal, hence their problem It also increased accordingly. For example, in India, as people are spending more time on social media, unnecessary expenses are also increasing. People also take out loans to pay for these expenses.
Most Indians own EMI I-Phones.
For example, 70% of Indians have purchased I-Phones on EMI. Among them, 90% of people borrowed iPhones. – In addition to this, 100 million people in India now have credit cards, and people purchased goods worth 1.5 billion rupees through credit cards in February alone, which is 180 million rupees more than India’s agricultural budget for the entire year. – The bigger thing is that most Indians spend money through credit cards but don’t repay it on time – Indians owe 31% of the money spent through credit cards, which is about Rs 250 crore. It’s not just about credit cards – 67% of Indians have taken out a personal loan at least once and personal loan growth in our country has reached 21% – people are now taking out loans even for holiday travel. People are taking 20% of their personal loans to go out and travel and this is happening just because now when people see other people’s luxury lifestyles on social media, they see them going out and traveling and eating in hotels and restaurants dinner. When they see them going to lunch, they see them having fancy cell phones and driving cars, and then they start chasing all those things as well.
When they cannot afford this lavish lifestyle with their income, they take out loans and this ostentation eventually bankrupts them. The painful truth is that now is an era of showing off, people are no longer happy but busy showing off their happiness, but if India is willing, it can learn a lot from China today.
Those social media influencers will also be responsible for this situation in India, flaunting their wealth to run their stores and then watching helplessly as they, the common people of our country, go bankrupt.
