HOW rich is Asia's Chinese business community? Very rich and, economically, very powerful, according to a detailed study of the group by the Nomura Research Institute.
A report, called The Emerging Chinese Business Sphere , found that: The combined foreign exchange reserves of the Chinese business community - comprising China, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia and the Philippines - was in excess of US$231 billion at the end of 1991.
Its share of the world's foreign exchange reserves jumped from 19.9 per cent in 1988 to 24.1 per cent at the end of 1991.
Although ethnic Chinese account for only six per cent of the population of five Association of Southeast Asian Nations countries (excluding Brunei), they account for 70 per cent of the capital.
''Even in Thailand, the Philippines and Indonesia, where Chinese make up less than 10 per cent of the population, their capital is said to account for the majority of the total capital of all listed companies,'' the report says.
''On the macro-economic level, the Chinese business sphere has witnessed impressive development, as exemplified by the growth of foreign exchange reserves.'' The report notes that China has recorded noticeable growth in foreign reserves, which stood at US$46.3 billion in September last year (about two-third of Japan's reserves) and the world's sixth highest.