Huaxi Village is located in Jiangsu province of China and is known as the‘Richest Village in the World‘. The story of how the village earned this title begins with Wu Renbao, who was appointed secretary of the village’s communist party committee in the early 1960s. Renbao had discovered the economic potential of the village and in 1969 established a textile factory, which was politically risky but economically lucrative. This step enabled peasants to shift from traditional agricultural work to industrial production.
Economic Growth and the Transformation of the Village
The village’s economic growth has been accelerated by Renbao’s bold decisions and reforms. Every Huaxi resident is also a shareholder in the Huaxi Village Corporation. At the end of the year, 20% of the revenues from the companies in the village are shared equally among all residents. The remaining profit is invested in the social and economic development of the village.
Social Security and Living Standards
Huaxi residents also benefit from many social guarantees, including free healthcare, education, housing, life insurance and food subsidies. Villagers living in luxury villas have large sums of money in their bank accounts and drive luxury vehicles. At the end of each year, the village receives 350 kilograms of rice and a large sum of money.
Cultural and Tourist Attractions of Huaxi
Huaxi is also home to structures such as the 328-meter-high Longxi International Hotel and replicas of world-famous buildings such as the White House, the Arc de Triomphe and the Sydney Opera House. While the lifestyle and wealth in the village is very interesting for outsiders, there is a strict control and security system in the village. Huaxi is a perfectly organized village with limited interaction with the outside world.
Source: Business Insider, Pandora US
