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Showing posts with the label "Hong Kong tycoons"

Hong Kong

A powerful, but oft-ignored factor underlying the frustrations of Hong Kong’s people is inequality . And, contrary to the prevailing pro-democracy narrative, the failure of Hong Kong’s autonomous government to address the problem stems from the electoral politics to which the protesters are so committed. Hong Kong - the least affordable city on earth; where the inequality ratio is among the highest. A capitalist enclave left over by British imperialism. Via Michael Roberts "The cosiness between Hong Kong’s tycoons and government – both locally and extending to Beijing – a nexus blamed by many of the city’s street protesters today as the major cause of their woes: one of the developed world’s widest income gaps in the least affordable housing market on earth ." The fortunes of Hong Kong’s 75 wealthiest billionaires – estimated at US$224 billion in 2013 – made up nearly 82 per cent of the city’s gross domestic product, according to Wealth-X’s Billionaire Census. By l