Mystic wealth

Mystic wealth

Saturday, 6 March 2010

How the Wealthy Splurge their Riches in the China


(ATP/Getty)
Recently there has been a report about how a Chinese millionaire, known only as Mrs Wang has bought a Tibetan Mastiff , or a Dog co-named - Yangtze River Number Two for a reported four million yuan (£350,000). To welcome the dog to her homedown , a motorcade of 30 cars in convoy was sent to the airport in Xi’an, the capital of Shaanxi province, to welcome this Mastiff Yangtze causing a line up of traffic Jam ,while the buyer intention is to make known of their recent expensive purchase to her Hometown local folks

This set off a few other similar cases ,one of which , where a Young Rich couple got married in a similar rural town area with another Motorcade of 30 Sport Cars as they roamed down the streets of the main town in a convoy in an outskirt town to show off the Newly Wed

Well It shows the ways the Chinese like to Splurge , especially where in rural town where folks whom made it Wealthy rich due to from the boom from China’s Growth in recent years . This group of Rich Unknown Rural Millionaires throughout China whom recently been introduced to online shopping has been also buying Big Ticket items like expensive sports cars through online shopping with payment through credit cards causing China as one of the World Most Highly ranked in sales values for online shipping sales in this World .

Lavish displays of spending are not rare among China’s rich.

The following are the latest statistics from Hurun Report on the Wealth of the Super Rich in China :

Recent Found Wealthy Super Rich population – 830,000 people

With Assets worth in Millions

- 10 million to 50 Million Yuan : 510,000 People

- Over 50 Million to 100 Million Yuan - 165,000 people

- Over 100 Million Yuan - 140,000 people

- Over 1 Billion Yuan - 100 people

At this rate ; China has overtaken the US as World’s No 2 in Luxury Consumer ,while the Japanese still Stay as No 1 but that maybe made history in 3-5 years time .In time , China will be come the largest consumer of luxury goods in the world as it has strong growth economy and while it still lacks in exquisite high end shopping of exclusive branded goods ,this has since an outflow of young rich citizens whom now travels overseas for holidays and shopping ,even in their backyards in Hongkong , the young trendy are always seen in canton street queuing for Branded goods like Louis Vutton , Prada bags as the peer of the wealthy rich start to splurge with branded goods also .

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