Thursday, October 25, 2012

Why China's 1% Is Now Discreetly Hiding Its Wealth

The elite is conspicuously embracing a less conspicuous style.

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Three businessmen walk past a labourer resting on a bicycle in Beijing. (David Gray/Reuters).

Not so long ago, wealthy Chinese would keep the price tags dangling off their sunglasses, wear their ties back to front to display the designer label and celebrate every business deal with that showiest of French wines, Chateau Lafite Rothschild Bordeaux, sometimes mixed with Coca Cola. They also had a reputation for being daft with their money, buying highly leveraged structured derivatives from Hong Kong private banks that offered eye popping returns or unlimited losses. They were known as the bao fa hu (暴发户) which translates as "newly rich" or "upstart" (one of a number of Chinese modern stereotypes). 

1 comment:

  1. Great thoughts you got there, believe I may possibly try just some of it throughout my daily life... for more info

    ReplyDelete

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