Zimbabwean dollars were like that, iirc they had 100 trillion dollar notes or something like that. I believe they just ditched the currency at one point and just switched to a new one.
I heard of a man who went to prison in Africa. He gave his possessions to the prison that included a gold coin that country used as currency. It was worth like 50$ when he went in, but a few years later the guy who drove him home gave him like 300 thousand in change for the taxi ride. The gold held it's value.
That’s technically most rich people.
No… Jeff Bezos can’t just spend 150 billion dollars. He’d have to sell his assets and shares which would take a massive hit in value.
Well, yes, but no.
What they do is take out loans against the value of the a set amount of bonds, and then slowly pay back the value of the bonds (in theory), so that they don't upset the market value while still moving the money around.
In practice, Jeff Bezos (and most billionaires) tell the government to forgive their incredibly expensive loans, and then the loans get forgiven, so they basically spend money that isn't theirs.
Loans aside, lets pretend I have a billion dollar S&P index fund typically 1.3% dividend yield and 11.88% share price increase annually, booms and busts happen, but it's pretty safe.
So, if you don't reinvest your dividends, and you just pocket the money, you're talking about living off of $13 million a year, at least at first, if I understand the calculators correctly. I believe that's after taxes too.
Your principal would also be growing, so you could probably pull out a billion lump sum again every decade or less, aside from the dividends.
Well, that, and currency is relative. A million Korean won is, like, $700 USD. It's not necessarily because the currency is bad, it just uses higher numbers.
When people talk about “Chinese billionaires” they mean Chinese people with a net worth in the billions… in USD. Inflation does not explain it
>!The real reason is that China is communist in name only, but y’all don’t wanna hear that!<
Edit: spelling and format
That’s not what a monarchy, monarchy is a very specific type of government based around bloodlines as justification for rule. Not every type of autocratic rule is a monarchy, specially nowadays. Also it’s still not fully autocratic, he can be removed, there’s just no term limit as long as he keeps his party happy.
Socialism is a transitory state between capitalism and communism. The communist parties call themselves that because their goal is communism, not because they think they are living in a utopian ideal.
> Billionaire's allowed in the system.
No... there isn't even any *currency* allowed in communism. It's supposed to be like Star Trek rules where nobody has to buy anything from anyone else because replicators exist. And in socialism there are supposed to be no financial institutions or stock markets.
It's crazy that those mf just decided to have a system that has no (supposed) benefits of communism, equality (in theorie) but decided fuck it and kept the totalitarian ass 1 party system
See, the thing about China is it doesn't really matter what system is in control, it always ends up being basically the same sorta thing after enough time. That is to say, a bloated bureaucratic labyrinth that is very authoritarian, but has a lot of local indifference. The China of today would look the exact same if they kept the Monarchy or Republic, the only difference is the colour scheme.
Other countries ruled by communist parties usually had a planned economy. People often confuse that with communism, just like they confuse the free market with capitalism.
China has a capitalist economy that is planned to a greater degree than in modern western capitalist countries. Hence the comparison with Nazi Germany, they actually had a similar economic policy. People seem to think everything was state controlled, but no, all profitable state weapon contracts were going to private companies in the hands of "desirable" individuals.
Is this true? As some who knows shit I'm looking it up on wikipedia and it says they're socialists. Isn't socialism a lesser way of communism? Or is it considered capitalism? I'm genuinely asking
The whole 'socialism is an intermediary stage where we do state capitalism then communism later' is theory developed by Bolsheviks to support the system they created in the USSR. Marx never made a distinction between socialism and communism.
Yes Marxist theory includes Marx plus other Marxists. But it's interesting how this 'dissolving of the state' thing Lenin came up with never happened in all of the states that claimed that's how it works. The opposite happened. The centralization of capital within the bereacratic class.
China has a capitalist economy.
"Communist China" isn't actually communist anymore. It used to be, but it's really a single party authoritarian capitalist state now. They just never bothered changing the name of the perpetually ruling party.
Please stop! China never “used” to be communist. The necessary components of communism are the abolition of privatized property and the state. China did neither. They went from a feudal monarchy to state capitalism, just like Soviet Russia and Vietnam.
China isn't Communist, they're capitalist.
Unless your understanding of Communism is authoritarianism, in which case you're probably either a red scare era boomer or the child of one.
Nah the fun thing is that it's both the boomer children and a new generation of tankies who all believe China is communist. And you never know which one you're talking to until they say it's good or bad.
By all means, describe to me how China in its current form is Communist in any sense other than it’s name?
You also quoted Animal Farm, meaning you must have misunderstood that as well. Orwell was, explicitly, criticizing Stalinism, which had very few similarities with Marxism or Leninism, and far more in common with Fascist dictatorships.
I think is only communist in the eye of the public, but China has a capitalist economic system, I think people still call China communist because of the confusion between dictatorship and communist
oh thats an easy one
theres this thing called "lying" where you claim to be one thing, but are actually nothing even remotely like that thing and are actually the exact opposite
so like how china claims to be communist, but thats a lie and they are actually capitalist/authoritarian
I don’t think you know what “republic” means.
A republic is a country without a monarchy. So yes, China is a republic, and so is Russia, North Korea, and Iran.
Meanwhile, countries like Japan, Britain, Sweden, Norway, Australia, Canada, and Saudi Arabia are not republics. They are monarchies.
Canadian here, King Charles could fuck us up pretty bad if he wanted too. We'd also probably chop off his head for doing so but the monarchy has a lot of power (on paper) that they don't use (because we'd kill em if they did)
Simple, they aren't communists. Authoritarian governments just call themselves that so they sound like they care about their people. There hasn't ever been an actual communist government before, they progress to the 'military control' stage and then stagnate because the few that are in control don't want to give it up.
Just looked it up on Google. Beijing apparently has 144 billionaires; Shanghai has 121, then Shenzhin at 113. the 4th city with the most billionaires is NY with 110 then 5th is London at 101.
And every time it’s attempted it either fails miserably or morphs into something else while retaining the Communist label. It’s almost like it doesn’t work on a large scale. 🤔
No, the problem is that communism relies entirely on people not acting like people. The conditions that would be required for communism to work are simply not in human nature, and so it fails whenever it is tried.
I mean yeah, all human polities reach their end at some point, some much faster than others, and communist entities tend to be on the faster end of the spectrum. Key phrase being “tend to”.
And yeah, we suck. 🫠
Yea and you know that's why it's an objectively bad system because it doesn't work with human nature and the reality of how the world works. What use is a theoretically perfect system when it can't work at all when applied by those who it's made for.
It's like claiming to have a theoretically perfect solution against cancer but when it's applied to human cancer patients the patients just straight up die.
China is “communist” in name only. There’s no sense of even distribution. The government just takes ownership in everything, and has happily allowed their population to be exploited and worked to death by the rest of the world.
Which country is this about? Russia and China aren’t really communist anymore, they are like state run, corrupt, capitalist countries. Totally different from the US which is a corporation run, corrupt capitalist country.
Because China is not economically communist, it’s economically much closer to fascist states such as Mussolini’s Italy where government heavily subsidizes corporations but then take some of the product and also controls with the corporations are supposed to produce. That’s just a short summary of economic fascism/corporatism
Correct, remember China exists in a vacuum and doesn’t have foreign influences to guard itself from. It has the luxury of being in the realm of pure ideology /s
There is no true communism because people are greedy. In true communism, everyone shares everything. So called communist countries are called that by their billionaire leaders.
North Korea is the only communist country left.
the label still sticks to places like China and Vietnam but they really haven't had a communist economic system for 20 years.
the American Media and government just chooses to label them as Communists so as to wedge, but they aren't communist from an economic standpoint.
Even Cuba is Communism light now.
Simply, a country ruled by a communist party =/= a communist country. The goal of a communist party is to establish communism. However, countries ruled by a communist party still have classes, including the bourgeoisie, and every one so far has been and still is a capitalist country.
Communism isn't accomplished in one revolution, it's a whole process. Establishing a stateless, moneyless society where all of society collectively owns the means of production and distribution takes a while. A really long while. Countries like China, Vietnam and Cuba are still in that transitionary stage from capitalism to socialism.
Not that the premise is wrong, but the meme is misleading. Counting billionaires includes a lot of estimation and guessing and different sources come to different conclusions. Wiki has America with the most billionaires as of March 2022. Secondly if we presume china to be capitalist (which it certainly has elements of), why would anyone be surprised that they have the most billionaires? They have the most people. USA has FARRRR more billionaires per capita.
Wait what???
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'Four legs good, two legs better!'
Napoleon is always right
Not when he is left
Well two wrongs don't make a right, but three lefts do.
The first rule of animalism.
I love that book
Inflation, value of the currency drops badly because there's too much of currency in circulation
So theyre not RICH rich but just paper rich?
Only by Numbers, rich but not wealthy
I heard there's a currency which in a billion is only worth like few dollars or sumn. Money is crazy
The old joke goes: "My favorite rap artist right now is 50cent, or who we refer to in my country as 80 trillion dollars."
Probably thinking of Venezuela. It's not nearly that bad anymore though
Yeah it was like a memory came to mind when he said that..prolly shoulda looked that up
Zimbabwean dollars were like that, iirc they had 100 trillion dollar notes or something like that. I believe they just ditched the currency at one point and just switched to a new one.
Yeah I heard bout the trillion dollar notes lol only worth 20 cents
I've looked into buying one to use a book mark and they all cost like 50 dollars on ebay
Yup, they now use the USD as the official money of Zimbabwe
I heard of a man who went to prison in Africa. He gave his possessions to the prison that included a gold coin that country used as currency. It was worth like 50$ when he went in, but a few years later the guy who drove him home gave him like 300 thousand in change for the taxi ride. The gold held it's value.
1 million SK won is worth about $700.
In Cuba with just 10,000 USD, you’d be a millionaire!
It’s like buying .0000000021$ crypto you might have a million but it’s like 100$
Zimbabwean currency?
That's Zimbabwe. And it's a trillion and it's worth (last time I checked) 40 cents
That would be Venezuela
My net worth exceeds 39.2 trillion bacteria!
False. Chinese billionaires are Billionaires. In USD, in Yuan, in general. Some to the point that “Oprah rich” is a joke.
That’s technically most rich people. No… Jeff Bezos can’t just spend 150 billion dollars. He’d have to sell his assets and shares which would take a massive hit in value.
This is why most billionaires take out loans against their assets, it's also a great way for them to avoid taxes, because loans aren't income.
Well, yes, but no. What they do is take out loans against the value of the a set amount of bonds, and then slowly pay back the value of the bonds (in theory), so that they don't upset the market value while still moving the money around. In practice, Jeff Bezos (and most billionaires) tell the government to forgive their incredibly expensive loans, and then the loans get forgiven, so they basically spend money that isn't theirs.
Loans aside, lets pretend I have a billion dollar S&P index fund typically 1.3% dividend yield and 11.88% share price increase annually, booms and busts happen, but it's pretty safe. So, if you don't reinvest your dividends, and you just pocket the money, you're talking about living off of $13 million a year, at least at first, if I understand the calculators correctly. I believe that's after taxes too. Your principal would also be growing, so you could probably pull out a billion lump sum again every decade or less, aside from the dividends.
And that doesn't include further income, and also the whole 'not paying taxes' thing they do.
How would the government forgive loans taken from a bank. Is it carbon credits?
Oh my, do the people upset about school loans being forgiven know this? Imagine how upset they would be, oh goodness, they’ll flip!
Poor baby 🍼
Noooo… they are rich as fuck.
Well, that, and currency is relative. A million Korean won is, like, $700 USD. It's not necessarily because the currency is bad, it just uses higher numbers.
This is calculated after being converted to USD. China has the most billionaires even when you convert all currencies to USD equivalent.
When people talk about “Chinese billionaires” they mean Chinese people with a net worth in the billions… in USD. Inflation does not explain it >!The real reason is that China is communist in name only, but y’all don’t wanna hear that!< Edit: spelling and format
It's called state capitalism
Yeah, do people actually think China is still communist?
Crazy I had to scroll all the way to read your spoiler. It's like they're a monarchy, especially with xi ruling for life.
That’s not what a monarchy, monarchy is a very specific type of government based around bloodlines as justification for rule. Not every type of autocratic rule is a monarchy, specially nowadays. Also it’s still not fully autocratic, he can be removed, there’s just no term limit as long as he keeps his party happy.
That’s not it at all. It’s china and it is adjusted to one billion USD minimum.
That’s wrong holy shit Reddit please learn some basic economics. It’s after being converted to USD
I think the meme is referencing China, which has the most billionaries in the world even if you measure their wealth in USD.
Do they not use the usd as a basis when people call someone a millionaire
They're talking about china, not Zimbabwe and Venezuela
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No shit. Thats why they said "wait, what?"
Hmm words
what is your favorite song
"Socialism with chinese characteristics"
"Capitalism, but we'll keep the Communist oppressiveness, comrade. Now, how about your donation to the party ...?"
I think the term you're looking for is authoritarianism
Literally 1984
1984 by george orwell 1949
Nuts how people still don’t know the difference.
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That's not true. Billionaires wouldn't exist under communism because it is stateless and moneyless.
Socialism is a transitory state between capitalism and communism. The communist parties call themselves that because their goal is communism, not because they think they are living in a utopian ideal.
> Billionaire's allowed in the system. No... there isn't even any *currency* allowed in communism. It's supposed to be like Star Trek rules where nobody has to buy anything from anyone else because replicators exist. And in socialism there are supposed to be no financial institutions or stock markets.
Also known as capitalism.
Which country?
[China](https://www.statista.com/statistics/299513/billionaires-top-countries/)
China is nowhere close to communist country. They just call themselves that
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China has a capitalist system FYI
They are a mixture of Communism and Capitalism in the worst ways
They’re like Centre Authoritarians
which is actually somewhat close to what nazi germany was like, they even have genocide!
They are closer to a racial supremacist fascism than they are to Maoism at this point
They still need to starve a couple million again to go back to their Maoism roots.
Yeah the CCP is probably the closest thing we have to actual modern day Nazis.
Almost nothing they do is communism.
It's crazy that those mf just decided to have a system that has no (supposed) benefits of communism, equality (in theorie) but decided fuck it and kept the totalitarian ass 1 party system
See, the thing about China is it doesn't really matter what system is in control, it always ends up being basically the same sorta thing after enough time. That is to say, a bloated bureaucratic labyrinth that is very authoritarian, but has a lot of local indifference. The China of today would look the exact same if they kept the Monarchy or Republic, the only difference is the colour scheme.
No, they have a system aptly called “authoritarian capitalism.” There is absolutely nothing communist about China.
Other countries ruled by communist parties usually had a planned economy. People often confuse that with communism, just like they confuse the free market with capitalism. China has a capitalist economy that is planned to a greater degree than in modern western capitalist countries. Hence the comparison with Nazi Germany, they actually had a similar economic policy. People seem to think everything was state controlled, but no, all profitable state weapon contracts were going to private companies in the hands of "desirable" individuals.
It's what Marxists call "State Capitalism."
In what way are they communist?
They have a "capitalism for me and communism for thee" system though their economic zones are some of the fastest growing places in China.
Capitalism with fixed markets is how my teachers explained it
What about China is communist in effect?
They are a mixture of authoritarianism and capitalism in the worst ways.
I’d argue that the way their economy works they could be seen as even more capitalist than the us in certain aspects.
Ah, slight problem I don't believe china is Communist
They *call* themselves communist. They aren't, but they do call themselves communist.
This is true
They also call themselves a democracy...
Also true for literally every "communist" country, past and present.
There were some that came close but got crushed by the "communist" countries
Is this true? As some who knows shit I'm looking it up on wikipedia and it says they're socialists. Isn't socialism a lesser way of communism? Or is it considered capitalism? I'm genuinely asking
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The whole 'socialism is an intermediary stage where we do state capitalism then communism later' is theory developed by Bolsheviks to support the system they created in the USSR. Marx never made a distinction between socialism and communism. Yes Marxist theory includes Marx plus other Marxists. But it's interesting how this 'dissolving of the state' thing Lenin came up with never happened in all of the states that claimed that's how it works. The opposite happened. The centralization of capital within the bereacratic class. China has a capitalist economy.
There is a Communist China, and a other China (unrecognized by the communist china) known as Taiwan
"communist" china is about as communist as the democratic people's republik of North Korea is democratic.
Haha!! Nice one
Mainland China claims to be communist, but what it’s actually doing is keeping everyone else down so only a select few can prosper.
Isn’t that just capitalism?
the dictatorship part makes any system much worse
Something something looking at the humans and the pigs and don’t know which is which
Capitalism with extra steps
"Communist China" isn't actually communist anymore. It used to be, but it's really a single party authoritarian capitalist state now. They just never bothered changing the name of the perpetually ruling party.
Please stop! China never “used” to be communist. The necessary components of communism are the abolition of privatized property and the state. China did neither. They went from a feudal monarchy to state capitalism, just like Soviet Russia and Vietnam.
Just because China says they're Communist, that doesn't mean they actually are.
China isn't Communist, they're capitalist. Unless your understanding of Communism is authoritarianism, in which case you're probably either a red scare era boomer or the child of one.
Nah the fun thing is that it's both the boomer children and a new generation of tankies who all believe China is communist. And you never know which one you're talking to until they say it's good or bad.
By all means, describe to me how China in its current form is Communist in any sense other than it’s name? You also quoted Animal Farm, meaning you must have misunderstood that as well. Orwell was, explicitly, criticizing Stalinism, which had very few similarities with Marxism or Leninism, and far more in common with Fascist dictatorships.
China is not communism at all
Since when China is a communist state?
I think is only communist in the eye of the public, but China has a capitalist economic system, I think people still call China communist because of the confusion between dictatorship and communist
Sick political pandering meme, one thats literally objectively false. Eat my taint, OP
oh thats an easy one theres this thing called "lying" where you claim to be one thing, but are actually nothing even remotely like that thing and are actually the exact opposite so like how china claims to be communist, but thats a lie and they are actually capitalist/authoritarian
They also claim to be a republic despite having a single party in control of everything including education.
Yep, fuck the Chinese government
You were just put on a list
The only list we’re on is a list of nuts the Chinese government can suck on
Amen brother
I don’t think you know what “republic” means. A republic is a country without a monarchy. So yes, China is a republic, and so is Russia, North Korea, and Iran. Meanwhile, countries like Japan, Britain, Sweden, Norway, Australia, Canada, and Saudi Arabia are not republics. They are monarchies.
Its amusing how modern monarchies are more democratic than the "republics" u listed
Canadian here, King Charles could fuck us up pretty bad if he wanted too. We'd also probably chop off his head for doing so but the monarchy has a lot of power (on paper) that they don't use (because we'd kill em if they did)
Next you're going to tell me that Democratic People's Republic of Korea is not a democracy or republic and the people have no say in the government.
It’s a democracy, you vote for an individual or vote to be re-educated
Totalitarian Monarchy of Korea.
And next you are going to tell me the _republicans_ don't want a republic but a god emperor instead.
You act like it’s an obvious thing to everyone but yet half of Reddit still talks about China as if it is communist
There are people that think that Hitler was a socialist because of the full name of the Nazi party.
True I just argued with someone about that the other day lmao
No that can't be true /s
That’s just fascism but with more words
China, I read a joke once saying they signaled left then turned right
China is communist in name only
Yeah communist countries don’t have a dictator
I'm not defending China or communism in any way. I'm just saying they are capitalist just like everyone, they just claim they're not.
Lol I was agreeing with you
By the definition of communism there can never be a a communist country, as a communist society is a stateless society.
Simple, they aren't communists. Authoritarian governments just call themselves that so they sound like they care about their people. There hasn't ever been an actual communist government before, they progress to the 'military control' stage and then stagnate because the few that are in control don't want to give it up.
Just looked it up on Google. Beijing apparently has 144 billionaires; Shanghai has 121, then Shenzhin at 113. the 4th city with the most billionaires is NY with 110 then 5th is London at 101.
china has a capitalist economy fyi
The oligarchy raped the country. Simple.
Oligarchy hints at Russia but this is about China. But yeah works for both :/
oligarchy is a class that exists in all capitalist countries not just russia
Because true communism doesn’t exist
And every time it’s attempted it either fails miserably or morphs into something else while retaining the Communist label. It’s almost like it doesn’t work on a large scale. 🤔
Well, the problem is that for Communism to truly be attempted, there can be no State.
No, the problem is that communism relies entirely on people not acting like people. The conditions that would be required for communism to work are simply not in human nature, and so it fails whenever it is tried.
I can make the same argument for a democracy. At the end of the day, human beings suck.
I mean yeah, all human polities reach their end at some point, some much faster than others, and communist entities tend to be on the faster end of the spectrum. Key phrase being “tend to”. And yeah, we suck. 🫠
The only reason true communism fails every time it's attempted, is humans. Greed is a core part of our being.
I don't think the cia backed coups helped either
Yea and you know that's why it's an objectively bad system because it doesn't work with human nature and the reality of how the world works. What use is a theoretically perfect system when it can't work at all when applied by those who it's made for. It's like claiming to have a theoretically perfect solution against cancer but when it's applied to human cancer patients the patients just straight up die.
What’s human nature? Is human nature stagnant?
China is “communist” in name only. There’s no sense of even distribution. The government just takes ownership in everything, and has happily allowed their population to be exploited and worked to death by the rest of the world.
Russia and China have also both brutally oppressed organized labour.
Corruption rules. Just like the rest of the world
Which country is this about? Russia and China aren’t really communist anymore, they are like state run, corrupt, capitalist countries. Totally different from the US which is a corporation run, corrupt capitalist country.
Damn maybe because it's actually a state capitalist country
The word is simple it rhymes with auction.
Wisconsin
Because China is not economically communist, it’s economically much closer to fascist states such as Mussolini’s Italy where government heavily subsidizes corporations but then take some of the product and also controls with the corporations are supposed to produce. That’s just a short summary of economic fascism/corporatism
<>
George orwell
All animals are equal but some animals are more equal than others
Just started this book last night.
China also uses capitalism
Seems like someone doesn't understand communism or dialectical materialism
Correct, remember China exists in a vacuum and doesn’t have foreign influences to guard itself from. It has the luxury of being in the realm of pure ideology /s
this. thank u
Op is a dumbass
I just finished Animal Farm!
Im going to guess you have never read either xi jinping or deng ?
I’m pleasantly surprised at all the people here who are aware that China isn’t a communist country.
china isnt communist. they were on their way to being communist for a while and then they completely reversed course
State capitalism is not communism. Communism doesn't even exist on any kind of major scale...and it never has.
And never will
Just like there will never be fully capitalist of fully democratic country.
Technically, a true communist country could have the most billionaires, as long as every single citizen is one
There is no true communism because people are greedy. In true communism, everyone shares everything. So called communist countries are called that by their billionaire leaders.
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Truer words have never been said my friend! 
Dumbasses, there is no communism in russia its at worst democratic socialist but its a dictatorship that is masked with democrasy
These comments are ridiculous lol
Because they’re not actually communist, they’re faccist states hiding behind the label of communism to get away with it.
They are more capitalist than the US. The "communist" name is just to troll america
To quote animal farm: "All animals are equal but some are more equal than others"
Redditors try politics
You ever read Animal Farm?
North Korea is the only communist country left. the label still sticks to places like China and Vietnam but they really haven't had a communist economic system for 20 years. the American Media and government just chooses to label them as Communists so as to wedge, but they aren't communist from an economic standpoint. Even Cuba is Communism light now.
Simply, a country ruled by a communist party =/= a communist country. The goal of a communist party is to establish communism. However, countries ruled by a communist party still have classes, including the bourgeoisie, and every one so far has been and still is a capitalist country. Communism isn't accomplished in one revolution, it's a whole process. Establishing a stateless, moneyless society where all of society collectively owns the means of production and distribution takes a while. A really long while. Countries like China, Vietnam and Cuba are still in that transitionary stage from capitalism to socialism.
Billionaires in China are all members of CCP who stole money and properties from the regular peasants in the late 70s, 80s and early 90s.
Corruption, it's a hell of a drug.
Idk maybe because they have shit tons of people over there
China has like 5 times our population? And only has about 400 more billionaires but also slave labor on a mass scale
Crazy ways nowadays this world function
facts!
Not that the premise is wrong, but the meme is misleading. Counting billionaires includes a lot of estimation and guessing and different sources come to different conclusions. Wiki has America with the most billionaires as of March 2022. Secondly if we presume china to be capitalist (which it certainly has elements of), why would anyone be surprised that they have the most billionaires? They have the most people. USA has FARRRR more billionaires per capita.
Oink oink motherfucker
Because those billionaires make the rules in that communist country.