Wandering China

An East/West pulse of China's fourth rise from down under.

China, the Ka-Ching dynasty [Australia Broadcasting Corporation]


China, the Ka-Ching dynasty: A recommended watch (runs for 26 minutes) as investigative journalist Stephen McDonnell profiles China’s rich. In my view it’s a good thing seasoned journos like McDonnell are there to be the Australian public’s eyes on China. This video went viral in China, and for an interesting reason because of an early focus on the Fu Er Dai 富二代 phenomenon (see article here).

China Correspondent Stephen McDonell gains remarkable access to some of China’s heavy hitters and goes inside their world to examine the epic breadth of their business plans and the breath-taking scale of their luxurious lifestyles. Source – ABC, Feb 2012

Key takeaways?

1. The narrative that Chinese bosses made it big through corrupt means after market reforms in the 1980s persists

2. Top way to make money is real estate, the mad rush for urbanisation is a surging source of fuel for the wealthy elite. And remember, China only recently got to 50% urbanisation after three decades of double digit growth. The entire domestic market is not small at all.

3. The numbers, according to Rupert Hoogewerth of the Hurun Report rich list

960,000 British pound millionaires,
10% growth rate over past five years,
average age 41,
making plans for 10 year old child to eventually head to university in the US, UK or Australia
lives in Shanghai

600 USD billionaires, 
average age 51, children out of university,
lives in Beijing

4. When asked, are these Chinese the ones to rule the world?

Hoogeworth’s interesting response – that exemplars like Bill Gates, well into the 60s, and Warren Buffets of the world are 80. The typical Chinese entrepreneur is their 40s or 50, and they have another thirty years to go.

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Filed under: 52 Unacceptable Practices, Australia, Beijing Consensus, Charm Offensive, Chinese Model, Culture, Democracy, Domestic Growth, Economics, Fu Er Dai 富二代, Influence, Mapping Feelings, Media, Peaceful Development, People, Population, Social, The Chinese Identity, , , , , ,

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