Entrepreneurs build wealth in China


First-generation entrepreneurs lead the pack of those creating wealth in China, a New York Times blog reported. A study by Bain & Co. suggests the number of Chinese individuals with 10 million renminbi, or about $1.5 million, in assets will hit 585,000 this year, twice as many as in 2008. And many have made their fortunes by starting businesses. With more discretionary income to spend, the wealthy Chinese will likely lure Western businesses to major cities. At the same time, the wealth gap in China is growing, the article said.