As reported by David Pierson in Los Angeles Times, economic conditions around the world may be deteriorating, but you couldn’t tell it by the headlines in China.
The latest list of the country’s mega-rich was released last week, showing tycoons of the property, consumer goods and the Internet industries bursting with cash in another banner year of wealth creation.
Another report says Chinese millionaires will make up half the population of high-net-worth people in Asia in the coming years.
HSBC is predicting that China will overtake Japan this year as the world’s largest consumer of luxury goods; a Chinese investor is trying to buy a chunk of Iceland for $8.8 million; and news reports Tuesday said cash-strapped Rome is cozying up to Beijing hoping it’ll open its checkbook to invest in Italian bonds and companies.
Whether its fine wine, yachts, private planes or man bags, growing wealth and conspicuous consumption have been one of the most enduring Chinese story lines in recent years. The poverty gap in China will be discussed more in detail at Golden Networking‘s China Leaders Forum 2011, October 7.