The History of China's First Billionaires

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#china #History #business
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Written By: Sam
Video Created By:
Svibe Multimedia Studio
Editor: Cardan
Media Gatherer: Andrea Rivas
Footage Courtesy of: Getty Images
Music Provided By: Epidemic Sound
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In 1981 this was China, a country struggling to feed its people after decades of attempted and failed economic experiments…
Today as of 2024 China is home to more billionaires than any other country on the planet… at least according to some sources.
Others still put America ahead but that’s mostly down to the fact that Chinese billionaires don’t only want to keep a low profile… they NEED to keep a low profile.
Just a few short decades ago the country was rounding up the bourgeois, and other “class traitors” and some habits die hard.
If the proliferation of billionaires in a “supposedly” communist country wasn’t already strange enough, the SPEED by which these men and women have skyrocketed from extreme poverty to the upper echelons of global wealth doesn’t really make sense… until you hear their stories.
Do you want to see the largest collection of billionaires in a single photo ever? Here it is… the 19th people's party congress held in 2017, where approximately 2,280 delegates sat down to set party policy for the next 5 years.
Approximately 100 of them were billionaires… With so many billionaires so close to the government it raises the question…
Did these people create the Chinese Economic Miracle, or were they just the ones that could seize their own means of production at the right time?
- Sources -
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[@HowHistoryWorks]

Get a 7-day free trial and 40% off Blinkist Annual Premium by clicking bit.ly/HowHistoryWorksMay24 or by scanning the QR code.

[@daniartistt]

and people still say this is a socialist country 🤦‍♂️

[@BarryStanton1488]

It is. Corruption is a feature, not a bug of socialism.

[@patrickbueno3279]

​@@BarryStanton1488Corruption is a feature of all politics, because it is tied to the human nature

[@generalaccount6531]

All socialist countries will eventually end up becoming a totalitarian, state-capitalist system that is way worse than the original capitalist system (yes it is fallible, it is unequal, it is unethical from time to time) that socialism seeks to replace could ever be. Do you think that all of the people with extremely ruthless, cunning, and greedy Borgouis traits will just all magically vanish after socialism is achieved? My dear, they will always be the ones becoming your party leaders, your Stalin, and your Chinese billionaire comrades. The "true" and "ideologically pure" socialists will always be the first ones to be purged out of the system.

[@sealplayz9329]

While we may not be socialist in the literal sense of redistributing wealth, we’re certainly not a free market. Goods and services such as groceries have price floors to allow big businesses to make monopoly level profit without getting too much attention by controlling the entire market. Our tax codes and regulations also favor big businesses, making smaller ones struggle to compete. We’re more of a corporatist country where regulation causes consumer exploitation by preventing lower prices. Taxes also heavily target the professional class such as Doctors and Lawyers making becoming rich off of even the best job’s salary insanely difficult.

[@alexanderwu]

It's just because they call themselves socialist

[@youreyesarebleeding1368]

Dude i see a hate comment about you not getting views on this channel, but keep making these videos too, these are good

[@billlhooo6485]

The right man in the wrong place can make all the difference in the world

[@Cuthenoise]

Deng Xiaoping definitely did it

[@nicoruppert4207]

Callimg Mao the "Architect of Chinas demise" is one of the most deranged things I have ever heard 😂😂😂😂

[@walltowall5]

Worth a rewatch

[@siadbarre-u7c]

Central planning is key not communism, easy access to global markets and a massive population played a part as well, CENTRALISATION NOT COMMUNISM.

[@Erokk1988]

Great video, I love The topic

[@giantmastersword]

These billionaires could always ship their investments over to the real china.

[@wuthichaiauomsin6237]

you forgot li lu the warren buffett of china who was student protester at tiananmen square.

[@rodrigogarciapetiet5743]

Great video! I totally think Jack Ma was threatened somehow. I mean, what else can you expect...

[@yilu5411]

06:04 that's japan not china

[@wuthichaiauomsin6237]

jack ma might not be deseve this kind of punishment but his critique of financial regulator was very problematic. he want his fintech company to make money without banking style regulation.

[@speedlabchannel4452]

So how is this different from America? Lobbying, senators doing inside trading, being close with regulators and officials

[@StakeFromJateFarm]

The difference is that they call themselves communists.

[@bobbobbington3615]

I don't think that's the title of the video... you're free to make a video comparing those things.

[@patrickbueno3279]

​@@StakeFromJateFarmcommunism is a political movement, while capitalism is rooted in economics so the latter would pop out in every government whether they like it or not

[@krishnanitturkar2793]

If u hate USA so much then leave USA if ur staying there

[@xiphoid2011]

It's very different. I came from China. You basically need to get chummy with someone in the government to get anything done, permits ect. Bribing is just part of doing business. Also, all business with more than 50 employees need a political officer. Yeah, it's very different.

[@themanofthestars]

This video felt like the research was a bit rushed and more surface level. I know that there was a lot more to these stories and I was hoping for a bit more given your track record.

[@derekeano]

Really? I thought he connected some good dots and asked some good questions. If you know so much, how about you get involved in the discussion and offer some critical thought points?

[@LSgaming201]

A fully researched video about this topic could be 3 hours long and still not hit all the details. This is fine for what it is. Don't come to KZbin expecting a doctoral thesis on the history of Chinese economic policy.

[@BensonCaisip]

Well, Deng Xiaoping did say "to be rich is glorious," and so these Chinese billionaires heeded his call.

[@tuhin5817]

Everything just as simple without any nuance even complexity.

[@Feibie]

Ugh, overall tone (not actual tone) is insufferable

[@BuffaloianALLDAY]

I’m a China 🇨🇳 CCP 💩 watcher and I didn’t know they were allllll BILLIONAIRES L, damn

[@ZanethMedia]

Happy Birthday, America 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

[@pyeitme508]

Bruh

[@stanliu8709]

Highly doubt if bro knows Chinese or knows about inner source of Chinese history. The social movements described in the first 2min are so vivid that even a great number of young generation Chinese don't know.

[@richardk5705]

Folks always on some sheep timing. Enjoy it if you like the content, instead of views.

[@Dave-um7mw]

Have there been any billionaires who didn't either form a monopoly, or get born into their fortune?

[@Matthieu5555]

The social ladder is blocked under socialism. So there you go.

[@ronblack7870]

yes we got taylor swift , jayzee, oprah,dyson , elon plus plenty of people you don't know about

[@XenithForPm]

Many tech founders in india

[@mirzaahmed6589]

Yes, plenty.

[@joeyjojojrshabadoo7462]

That guy who invented minecraft.

[@fishyswirlgaming5741]

so much for communism lol. I guess capitalism is so vital even communists can not avoid it. Edit - guys, why did we create a war in the replies

[@1isOneshot]

🤦 china never was communist

[@Dave-um7mw]

@@1isOneshot and the USA was never capitalist then?

[@justabeardedguythatisahero9848]

@@1isOneshot +20 social credit for defending china online

[@cakapcakep241]

​@@justabeardedguythatisahero9848the US credit score is even weirder than Chinese Social credit. The Chinese use social credit system to enforce "order" but the US use credit score to enforce consumption.

[@justabeardedguythatisahero9848]

@@cakapcakep241 cope chinkiod

[@ivanmucyongabo9540]

Who cares what you call it. I want my incompetent leaders held to account not failing upwards and lateral

[@meilinchan7314]

Not all capitalists hated Communism. A lot of capitalists, despairing of the deplorable rule of the KMT, chose to switch their allegiance from Jiang to Mao. Rong Yiren is a good example, another example of a businessman supporting Mao was Tan Kah Kee, a native of Xiamen. You will not hear of him here because he predeceased Mao by a decade or two.

[@mollyolly3173]

I love your videos. But can you please speak more slowly?

[@spde]

You can slow the videos down under the settings 😊

[@NeidlichesSchwert]

Why does every sentence end with the same robotic whiney inflection?

[@spde]

Neidkultur has arrived 😂😂😂

[@Mali-kd1zz]

It's Peoples Republic of China, not Oligarchy Republic of China

[@JJ-C-b6w]

6 views in 2mins, bro fell off

[@ivant5054]

it's g00gle sukin up to their overlords on the other side of the pacific, they'll stall any video that could even remotely speak ill of the great C country

[@imtime22]

Go away

[@rorytweedie4849]

It’s the 4th of July. Most of the audience is out celebrating.

[@anonymousperson9735]

Yeah his other channel is better. This channel never really caught on with me because there are soooo many history channels out there already, and most of them are better than this one. I'm just keeping it real.

[@MarkChan-id6hi]

This one is a great video tho

[@thiagovidal8972]

Sinofobic bs

[@khongjkc]

Such a misleading video for leaving out the part of how the hell did they suffer a famine due to western colonisation

[@bobbobbington3615]

Weird how Communists ALWAYS suffer famine, regardless of where they are. The USSR, Ukraine, Cambodia, China. Was the USSR colonized by the West, HAHHHAAA!!!

[@AKK5I]

Cry about it

[@williampeterson3498]

They didn’t?

[@derekeano]

How did western colonization cause them to suffer a famine?

[@williampeterson3498]

@@derekeanoYeah maybe I’m unfamiliar

[@lwazilwazincube4765]

Speak abouy how your country became rich in the next video 💔And stop spreading your western propaganda

[@Kunju69420]

Disappointing video. At least do some research.

[@derekeano]

How so? What parts are insufficient? I’d love to hear you expand on your argument

[@Kunju69420]

@@derekeano he didn't mention anything about Socialism with Chinese Characteristics. He didn't even get the name "Communist Party of China", CPC correct.