Chinese Leader's Family Is Now Very, Very Rich

New York Times says Wen Jiabao's family worth $2.7B
By John Johnson,  Newser Staff
Posted Oct 25, 2012 4:24 PM CDT
Chinese Premier Wen Jiabao makes a toast after delivering in Beijing last month.   (AP Photo/Andy Wong)

(Newser) – It's good to be the king, or at least the prime minister. A New York Times investigation pegs the worth of Chinese leader Wen Jiabao's family at $2.7 billion. The family amassed the wealth after Wen's rise to power, thanks to investments and byzantine financial deals made possible by his connections. Wen's 90-year-old mother, for instance, is a retired schoolteacher who managed to make $120 million thanks to one investment in a financial services company.

The Times' lengthy piece includes this quote from Wen in 2007: “Leaders at all levels of government should take the lead in the antigraft drive. They should strictly ensure that their family members, friends and close subordinates do not abuse government influence.” Most the wealth isn't in his immediate family but in the hands of siblings and in-laws, which would allow Wen to skirt China's disclosure laws. Read the full story here. (Read more Wen Jiabao stories.)

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