WorldBEIJING, AFP -More Chinese joined the ranks of the super-rich this year, a survey showed Thursday, bringing the total to an all-time high despite dragging growth in the world's second-largest economy. A total of 2,056 people have a net worth of two billion yuan ($297 million) or more, Shanghai-based luxury magazine publisher Hurun Report said in its Richest People in China report, up from 1,877 last year. That rise defied the grinding slowdown in China's economic miracle, which saw growth slip to 6.9 percent in 2015 -- its lowest rate in a quarter of a century -- and which has slowed further this year. “Yao's financial investment model represents the new wave of wealth creation in China,” said Hurun Report chairman Rupert Hoogewerf in a statement. Manufacturing, which is plagued by overcapacity, was the biggest loser, with its share falling to 26 percent this year from 28 percent in 2015, it added.

Source: Sunday Times October 13, 2016 11:37 UTC