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Richest Village, One Crore Rupees In Every Man’s Bank Account!

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As soon as the village is mentioned, pictures of kutcha houses, huts, kutcha roads etc., come to mind. Though the situation has changed a lot, the condition of most villages is not very good. In such a situation, it is a little difficult to believe when someone says there is a village where people’s income is in lakhs, and all live in luxurious houses. Not only this, but this village has also left behind many big metro cities.

World’s Richest Village – Huaxi Village

We are talking about Huaxi village in Jiangsu Province of China. Until recently, this village was called the Richest Village of China. The reason behind this is the abundance of amenities in Huaxi village. In front of this village, even the most significant city starts to fade. On the other hand, if we talk about the salary/income of the people here, it can surprise anyone.

According to a report in ‘Daily Mail’, each of the 2,000 residents of this village have more than one million yuan (Rs 10 million) in the bank. Here everyone lives in a villa and owns a luxury car.

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Huaxi Village was once depicted as the perfect example of a ‘socialist economy’. The village was known as ‘China’s richest village’ because of its prosperity and luxury, even though its ‘development model’ has always been disputed.

Annual income close to Rs 15 lakh

The annual income of almost every person in this village was close to Rs 15 lakh, which is about 40 times the average income of a farmer in China. To show its economic power, the town spent three billion yuan (more than 33 billion) on building its skyscraper in 2011. A 72-storey building constructed here is called the Hanging Village of Huaxi. There are dozens of towers in this village.

Huaxi Village
Huaxi Village

By the way, Huaxi is an agricultural village. But the farmers here adopted such an idea, due to which this village was also counted among the ‘richest villages of the world’. According to Chinese media, it was not so developed when the town was settled in the 60s. But later, Communist Party leader Wu Renwao changed the face of this village.

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Every farmer here started cultivating in groups instead of in pieces. People got tremendous benefits due to collective farming. In addition, Huaxi village developed its iron and steel industry. By the beginning of the 21st century, Huaxi had more than 100 companies involved in the iron, steel, and tobacco business.

China Huaxi Village
China Huaxi Village

The industry declined

However, the steel industry declined after 2008, and overproduction became a problem. Gradually this problem increased. According to a report in January last year, Huaxi village was in debt of 465 crores. After the death of Huaxi’s creator Wu Renbao in 2013, his son Wu Xian took over as CEO of Huaxi Group. Other members of the Wu family also hold influential positions in this village. Critics say this village has become a feudal world ruled by one family.

Currently, government assistance is being given to Huaxi Village Group for financial help, but there is doubt about how long it will last. The village is on the verge of bankruptcy after suspected mismanagement of collective funds and poor investment decisions.

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Akash Kumar Mishra
Akash Kumar Mishra
Akash Kumar Mishra is the CO-Editor at Spot News 18. He is very passionate about His Work and Loves to Write on Technology Topics.

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