China
Income Economics

Where Did A Million Chinese Millionaires Come From

Burgess COMMENTARY

Peter Burgess

Where Did A Million Chinese Millionaires Come From Journeyman Pictures Journeyman Pictures Subscribed 439,491 Add to Share More actions I like this1,404 I dislike this112 Share Embed Email Video size: 560 × 315 Show suggested videos when the video finishes Enable privacy-enhanced mode [?] Use old embed code [?] The Ka-Ching Dynasty! - China. From communism to capitalism, a new generation of very young, very rich people have emerged, but where did they come from?

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The economic transformation of China has been electrifying. But with Europe teetering and the US plodding, can the biggest tiger of all keep on roaring? China's super-rich certainly think they can.

Outside a private Beijing nightclub Porsches, Maseratis and Ferraris compete for space. Inside the club is packed with the children of China's super-rich enjoying a 'palace' themed party. China now has almost a million millionaires, six hundred billionaires, and the numbers keep growing at a staggering rate. As a reporter for the Hurun Report rich-list points out, they are a force to be reckoned with: 'certainly we need to be aware of and understand this group.' Even more striking is the bravado of China's super-rich, who feel that they can keep going from strength to strength. 'I met an entrepreneur last week who said that if all goes to plan, in ten years time his business will be ten times the size it is now'. The focus is certainly on quick growth. Current projections say that in ten years time half the world's billionaires will come from China. While there are warnings signs that the economic woes of Europe and the US will hit China, China's super-rich don't seem concerned. For some the hope is that the Chinese market will pick up the slack. For others, who have only known the good times, anything else is unthinkable: 'if I have any spare money I buy sports cars.'

A Film By ABC Australia. Ref - 5412

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