{"id":9521,"date":"2011-07-05T05:07:55","date_gmt":"2011-07-05T05:07:55","guid":{"rendered":""},"modified":"2011-07-05T05:07:55","modified_gmt":"2011-07-05T05:07:55","slug":"China-s-wealth-obsession-","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9521","title":{"rendered":"China’s wealth obsession!"},"content":{"rendered":"

According to a new report by Capgemini and Merrill Lynch, the number of millionaires in China grew by 12% to 535,000 in 2010, propelling the Asia-Pacific region past Europe to become home to the second-largest population of wealthy people, with a total of 3.3 million millionaires<\/strong>. North America leads the way, with 3.4 million millionaires.<\/p>\n

Australia helped boost the Asian region. The number of millionaires in Australia jumped by 11.1%, according to Capgemini and Merrill Lynch, with total numbers now at 192,900. And we\u2019re still punching well above our weight in terms of wealth \u2013 we might contribute just a few percentage points of global GDP, but we are home to the ninth-largest population of high-net-worth individuals in the world.)<\/p>\n

The report also underlines China\u2019s growing influence on the sector of the economy that sells goods and services to the rich<\/strong>.<\/p>\n

Mercedes Benz sales jumped 112% in China and Hong Kong in 2010<\/strong>. Ferrari\u2019s sales climbed 50%. Demand from China and Hong Kong helped push jewellery and watch sales at auction house Christie\u2019s to a record $US91.2 million.<\/p>\n

According to Forbes, the number of billionaires in China surged from 64 to 115 in 2010 as the rich surfed the country\u2019s economic growth rate of 10%<\/strong>. <\/p>\n

What\u2019s really interesting here \u2013 and perhaps is this is why the lovelorn songs of billionaires attract so much attention \u2013 is that these fortunes are so new<\/strong>.<\/p>\n

As Bill Gates said at a news conference in Shanghai last September: \u201cThe thing that’s unusual is that 30 years ago, there really weren’t people of great wealth, so what you have is first-generation fortunes.\u201d
\n<\/strong>
\nNearly every wealthy entrepreneur has a brilliant story behind them.<\/p>\n

The eloping Wang Gongquan is a great example.<\/p>\n

The businessman quit his job as a provisional public servant in 1988 and made his first fortune in property development with the company Vantone International Group. In 2002, he founded a venture capital and private equity firm called CDH Investments, which now manages $US3.5 billion in funds and has a reputation for investing wisely. So much so that Wang has previously been named one of China\u2019s top-10 entrepreneur investors.<\/p>\n

Some other great rags-to-riches stories have recently been unearthed by author and filmmaker Nick Rosen<\/a> in a series for the BBC.<\/p>\n

One of those profiled, Zong Qinghou, started his Wahaha beverages empire<\/strong> with a shop in a school selling vitamin drinks and icy poles. Two decades later, his company commands 15% of China\u2019s soft drinks market.<\/p>\n

Yet Zong remains a man whose habits are frozen in China\u2019s austere past \u2013 he lives on just $20 a day.<\/p>\n

“My only exercise is doing market research… my only hobbies are smoking and drinking tea,” he told Rosen.<\/p>\n

Or take Zhou Xiaoguang<\/strong>, who has turned her company Neoglory into one of the world\u2019s leading costume and fashion jewellery companies.<\/p>\n

Zhou left school at 16, and started out selling trinkets and on China\u2019s night train.<\/strong> She built her business, got her MBA at the age of 35 and is now part of a $US3 billion jewellery industry in her home town of Yiwu.<\/p>\n

There are, of course, plenty of questions surrounding China\u2019s wealth explosion<\/strong>.<\/p>\n

Can these billionaires and millionaires hold onto their wealth if the economy slows or turns down?<\/strong> Will the wealthy elite become as powerful or more powerful than China\u2019s political elite? If democratic unrest were to increase, on which side would billionaires line up? How will the wealthy handle the transition of wealth to the next generation?<\/p>\n

Source<\/a>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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