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Chinese: Filthy Rich

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LIVE NON-FARM COVERAGE ON FINANCIALJUICE

Are they Tuhao or just Dama?

The first is the Chinese word for filthy, stinking rich, the uncouth bling-blingy rich of the People’s Republic. The second is the name given to middle-aged women dripping in gold. I imagine that two middle-aged women with the yellow bars would lead to a much deserved ‘dispute’ (yes repeating the ideogram for ‘woman’ actually means there’s ‘trouble’, telling you a whole lot about what the Chinese actually think about women insociety).

It doesn’t quite go with the image of the country that we might have once had. But, things change, even the Chinese have the right to hang up their d?ulì conical hats and don something a bit more ostentatious. Showy, brassy, flash, call it what you will; although you might ask why it’s at all necessary for the filthy nouveau riche to go overboard and paint the inside of their houses with gaudy colors and make it look like they have no taste at all. They may have the money, but they don’t necessarily have the taste to go with it. Money buys just more money; it doesn’t buy you a savvy bit of know-how in the décor stakes. Although, you should be able to pay for someone that does have the knowledge to get you to that.

Whatever they do with their money, the Chinese nouveau riche are working their way up the Forbes rich list.

• China saw a 25% increase in the 2014 Forbes list with 1**52 billionaires**. 
• There were only 122 in 2013. Poor things!
• According to Forbes, the list had nearly zero people from China just two decades ago. Although, it’s debatable whether they were actually there or not. The party must have had a few even back then hidden away somewhere. 
• Admittedly, the Chinese economy might be slowing down, but it’s still doing a lot better than the rest of us, whether we like that or not. 
• Growth for 2013 stood at 7.7%.

It is interesting to note that statistics are always revealing of who actually does them. The Hurun Global Rich List states that there are 358 billionaires in China. Someone must be getting it wrong somewhere along the line. There are 457 ethnic Chinese that are resident outside of the PRC. But, it's noteworthy that Hurun is sponsored by the Chinese luxury property sector and in particular Star River Property. The data seems just about as reliable as anything that gets published by the Chinese state, these days.

According to Forbes, the richest person in China is now Wang Jianlin, coming in only at 64th place in the ranking, with a net worth standing at $15.1 billion. That is worth a lot more in Purchasing Power Parity there in the People’s Republic of China than the rest of us combined ever get hold of in the west.

• Jianlin owns 85 shopping plazas across the country and 51 five-star hotels as well as dozens of department stores.

The second richest person in China is the $13.4 billion Ma Huatent, CEO of Tencent Holdings. The youngest billionaire that has just entered the rankings is 24-year-old Perenna Kei from Hong Kong.

But, before the USA starts worrying that the Chinese are overtaking them, it’s not going to happen just yet. There are 492 of them in the US today and they can either thank their lucky stars, or the hordes of workers that drudge into the offices and the factories every day or the fact that the financial market has been jacked up so much with bubble-inducing drugs that they have added more money to their coffers.

Europe came in a close second (as usual?) with 468 billionaires in 2014.

The world’s richest in ascending order from tenth to first place are:

• Jim Walton $34.7B USA
• Christie Walton $36.7B USA
• Sheldon Adelson $38B USA
• David Koch $40B USA
• Charles Koch $40B USA
• Larry Ellison $48B USA
• Warren Buffet $58.2B USA
• Amancio Ortega $64B Spain
• Carlos Slim Helu $72B Mexico
Bill Gates $76B USA

Just a thought? I wonder how many of them actually pay tax? Or if they manage to get around all of that by some wicked web that has been woven. One thing tells me that if they are officially worth that much, then one they might not have that in the bank at their disposal. Secondly, they might well have double that amount. People never declare what they have or own down to the last dime, do they? The 11th person on that rich list is Liliane Bettencourt, heiress of L’Oreal. Back in 2011 she got around paying more than 4% in tax on her wealth. She now has $34.5 billion somewhere (officially), although she has got herself embroiled in a scandal with ex-President Nicolas Sarkozy about illegally financing his election campaign and in return (so the rumor goes) getting out of paying any tax altogether.

Is that the way the Chinese billionaires will be going? If they really want to be like the West, they’ll have to go down that road, if they haven’t done so already.

Originally posted: Chinese: Filthy Rich

 

 

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Fri, 03/07/2014 - 16:06 | 4522527 Graph
Graph's picture

Oddly. no coment from "Galts" of this site. Somebody needs to stand for 10 above.

Fri, 03/07/2014 - 13:51 | 4521782 Hongcha
Hongcha's picture

With edumacation will come good taste.  This is just the first generation; the ones who saw their grandmothers starve to death during the Great Leap Forward and their teachers getting beaten in the Cultural Revo.  Many of them have known real hunger and authentic poverty; something I doubt many here can truly speak to.  The brand of poverty that digs holes in the courtyard to store cabbage for the winter, waits for the Party to dole out an extra kilo of rice to pregnant women, gets in a line any line that's forming.

It's 1st stage capitalism; per Karl Marx.  Check how our US railroad barons behaved in the Gilded Age, and you will find a very apt comparison.

And yes they smoke, everywhere.  Christ on a bike how they smoke.  And luvs them the good whiskey and they are quite open with the mistresses and by no means do they want the taint of our Xtian conditioning messing up their good thing.  They consider our Harridan rugmunching female leadership Clinton Yellen Pelosi, DiFi et al., the entire Berkeley/Mill Valley nanny fascist governance, hideous and laughable.

The US is in a downward spiral and we worry about Chinese bling?  Our girls are wearing dyed zinc around their necks.

Fri, 03/07/2014 - 13:56 | 4521851 FredFlintstone
FredFlintstone's picture

The more sophisticated among them see us all as barbarians.

Fri, 03/07/2014 - 13:26 | 4521717 lasvegaspersona
lasvegaspersona's picture

Interesting questions....Guy d'Rothschilds (of the 'evil Illuminati') had similar problems with keeping his wealth (and head). In 1939 the Vichy (Nazi) govt took his French bank. After returing a decorated veteran from WW2 the Mitterand (commie) govt nationalized his bank in 1982. All of his mother's family died at the hands of the Nazis. Being super rich can be exhausting....and dangerous. It seems to me they might want to find a way to keep the masses off their backs and find a savings vehicle that could sustain the family for generations and not just through the next election.

We, the hungry collective,  (™ Fofoa) can be a bit greedy when we smell unguarded riches. We just tell our local politicians to go get some of that for us.

Fri, 03/07/2014 - 13:12 | 4521654 toadold
toadold's picture

 Used to most of the rich in the US fell into the "shirt sleeves to shirt sleeves" category.  That is the first generation worked hard to generate the wealth, then the next generation just tried to preserve it then the third generation would blow it and end back up in their shirt sleeves. 

I don't know how it is now but used to the old really wealthy kept kind of a low profile.  They would live in large nice houses but not mansions, their cars would be new but domestic middle of the line makes.  Often their neighbors would have no idea how wealthy they were.  If you had the eye for expensive but tasteful quality clothing you might spot them.  Some local car dealers kind of knew but they didn't talk much.  There cars always went to the head of the line for servicing.  

Fri, 03/07/2014 - 13:13 | 4521650 Never One Roach
Never One Roach's picture

When your Brightest and Best college grads all want ....Gubmint jobs....you know sum ting wong.

Not to mention manby if not most of the Wealthiest of yo people want to jump ship to a different Nation...sum ting wong there.

Fri, 03/07/2014 - 12:48 | 4521548 dogbreath
dogbreath's picture

"yes repeating the ideogram for ‘woman’ actually means there’s ‘trouble’, telling you a whole lot about what the Chinese actually think about women insociety"

 

LMAO,   thats some red pill wisdom

Fri, 03/07/2014 - 12:28 | 4521470 Hongcha
Hongcha's picture

... and SF mayor Ed Lee is fixin' to make the SOMA area the Chinese Concession, a-la Shanghai 1920's.  Extraordinary times in San Francisco, 10% of the population undergoing a Renaissance and the other 90% a Depression.

Fri, 03/07/2014 - 12:25 | 4521462 fijisailor
fijisailor's picture

Was it possible for any of them to get that rich without being corrupt?

Fri, 03/07/2014 - 12:48 | 4521552 Four chan
Four chan's picture

the true masters of money are not even on that list. their worth is measured in trillions.

Fri, 03/07/2014 - 12:18 | 4521425 Kreditanstalt
Kreditanstalt's picture

SHOULD they pay tax?  Should you or I?

Think about it...without a government gun up your ass, would you?

Fri, 03/07/2014 - 16:34 | 4522665 Polonius
Polonius's picture

In an irredeemable fiat monetary system taxes are merely a social control device.  Think about it.

Fri, 03/07/2014 - 11:57 | 4521307 RaceToTheBottom
RaceToTheBottom's picture

Big people VS little people.

Tax is for little people, one of the economics laws, I think

Fri, 03/07/2014 - 13:11 | 4521643 Tim_
Tim_'s picture

A jew billionaire named Leona Helmsley, born as Lena Mindy Rosenthal, said, "We don't pay taxes. Only the little people pay taxes" (Source).

Fri, 03/07/2014 - 11:52 | 4521292 Downtoolong
Downtoolong's picture

They may have the money, but they don’t necessarily have the taste to go with it.

This reminds me of something someone once wrote about Elvis, “All that money and fame, but, he still put sofas in his mansion upholstered in yellow and black Naugahyde“.

Fri, 03/07/2014 - 13:23 | 4521611 williambanzai7
williambanzai7's picture

What the author does not recognise is that all that gaudy high end crap the Chinese are buying comes primarily from Europe.

And all the glossy Tatler like magazines that tell them they should be buying that gaudy high end European crap are owned by European publishers.

Moreover they all seem to be emulating the tastelessness of the King Of Gaudi Filthy Rich Tastelessness who resides in Macau: Sheldon Adelson

Fri, 03/07/2014 - 13:31 | 4521736 lasvegaspersona
lasvegaspersona's picture

WB7

gosh...what will Sheldon do with the huge house he is building here in Vegas?

Fri, 03/07/2014 - 14:06 | 4521897 williambanzai7
williambanzai7's picture

Thats easy, make an exact replica in Macau.

Fri, 03/07/2014 - 14:09 | 4521912 Hongcha
Hongcha's picture

William; Ed Lee has Treasure Island tagged for Macau II ;)

Fri, 03/07/2014 - 14:16 | 4521946 williambanzai7
williambanzai7's picture

I forgot to mention that other tasteless gweilo billionaire shit bag, Steve Wynn

Fri, 03/07/2014 - 15:07 | 4522217 Hongcha
Hongcha's picture

Whoa there WB7, hello, Tiger Balm Gardens ;)?  The Wynn Macau is a Parthenon by comparison.

Bad taste follows billionaires like stink on shit.

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