Rich Chinese lawmakers get richer, but fewer MPs share the spoils | News | DW | 02.03.2018

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Rich Chinese lawmakers get richer, but fewer MPs share the spoils

More than 150 delegates to the upcoming annual session of China's ceremonial parliament are among the country's superrich. A new report shows that they have got richer, but, overall, there are fewer super-wealthy MPs.

Pony Ma Huateng

Pony Ma Huateng leads Hurun's 2018 rich list

Lawmakers in China's two legislative bodies, the National People's Congress (NPC) and the People's Political Consultative Conference (CPPCC), have become much richer, according to the closely watched Hurun report.

Read more: Oxfam: Richest 1 percent banked 82 percent of wealth created in 2017

It comes ahead of the CPPCC's annual meeting, which starts on Saturday and the NPC's central committee's annual meeting, which starts on Monday. More than 5,100 delegates are expected to attend.

The 2018 report by Shanghai-based Hurun magazine says 153 MPs fall into the super-rich category, down from 209 individuals in 2017. Their total net worth, however, has shot up to $650 billion (€529 billion), up from $507 billion last year.

Pony Ma tops list

Ma Huateng, also known as Pony Ma, chief executive internet giant Tencent, takes the top spot with $47 billion, smartphone maker Xiaomi's CEO, Lei Jun, and Li Shufu, the chairman of carmaker Geely. All three are to attend the NPC meeting.

Read more:From rich to richer: Hui Ka Yan wealthiest Chinese

Among the delegates attending the CCPPC meeting are Baidu's Robin Li, Liu Qiangdong, the founder of e-commerce giant, and property developer Evergrande's Xi Jiayin, the second-richest attendee with a net worth of $41 billion.

Among this year's lawmakers, 28 were among China's 100 richest people on Hurun's annual list last year.

ng/kms (AFP, AP, Reuters)

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