More Billionaires in China Than in USA

Lot 20, De Beers, a Brass and Diamond Hourglass Timer, containing 2000 diamonds weighing roughly 36 Carats, Christie’s “Elements of Style Auction,” Shanghai, “24 October 2015

Fortune reports that Communist China now has more billionaires than the United States does.

Even with concerns over its economy, China can now claim to have surpassed the U.S. in one wealth indicator: the number of billionaires within its borders.

A survey conducted by The Hurun Report says China now has 596 billionaires, surpassing the U.S. tally for the first time (the U.S. has 537 billionaires, according to the report). If 119 billionaires from Hong Kong, Taiwan, and Macao are added, Greater China owns 715 billionaires in the “Hurun Global Rich List.”

Christie’s, as you see (above) now holds auctions of preposterously expensive timepieces in Shanghai.