[The New Chinese] a girl told him her family was "poor" because they had only AU$16 million.

Discussion in 'Economics' started by OddTrader, Jul 29, 2017.

  1. AU$16 million!

    Last edited: Jul 29, 2017
  2. luisHK


    Context is missing there, and ime a lot gets lost in translation, especially while a story gets passed along several people and one might be inclined to retell it in a way they find more saleable. Yet one's perception of wealth depends quite a bit on their surrounding.
    12.75 mil USD might feel wealthy for a small family in midwest US or where I grew up for that matter, but way unsatisfactory if one hang out with migrant chinese kids of wealthy urban families. Plus one's income on top of one's wealth is important, it's possible some migrant families find less oportunities in Australia than they had back home, which must increase the feeling of beeing on a modest budget ( which is probably why many families keep business ties with the mainland, with at least the father still working and spending a lot of time there - in Canada there is a name for kids of chinese immigrant families who end up living alone in Canada while their parents still work full time in China, forgot the name).
    Besides the author is an auditor for Australia NSW government it appears, those youngsters should be careful with what they tell him, it might hurt them and their families down the line.
    Last edited: Jul 29, 2017
  3. Understanding China's wealthy | McKinsey & Company
    - Cached
    China will soon be home to the world's fourth-largest population of wealthy ... has more wealthy consumers than Detroit, and Wenzhou has as many as Atlanta, .... for about 10 percent of the wealth held by wealthy families, than in other cities, ...

    Why are Wenzhou people unusually rich in China? How did they ...
    https://www.quora.com/Why-are-Wenzh...y-become-richer-than-the-other-parts-of-China - Similar
    Generally, Wenzhou people are deemed to be Jew of Chinese. This two type of people have a ... Chinese Ethnicity and People · Wealthy People and Families.

    The untold story: Wenzhou people, Jews of China | the slitty eye
    https://theslittyeye.wordpress.com/.../the-untold-story-wenzhou-people-jews-of-china/ - Cached - Similar
    25 Nov 2011 ... The amount of work increased and that Chinese family were also ... care and many of them soon became the first people to get rich in China.

    The Boss Christians of Wenzhou | The Diplomat
    www.thediplomat.com/2015/03/the-boss-christians-of-wenzhou/ - Cached - Similar
    6 Mar 2015 ... Wenzhou is also one of the nation's wealthiest cities and for Wenzhou Christians, these two facts are not unrelated. More importantly, they may ...

    ZHEJIANG PROVINCE (Hangzhou, Yiwu, Wenzhou) | Facts and ...
    - Cached - Similar
    Zhejiang, is China's richest province. Both its rural .... Most of the companies in Wenzhou are family-owned and were started without government help. The city ...
    Last edited: Jul 29, 2017
  4. luisHK


    Funny how many chinese groups dispute the appellation "Jews of China"

    Teochew, Hokkien and Hakka in Southern China also are proud of this appellation, you can google the issue. Not sure how the insulting bloke who wrote the article about Jews of China is representative of mainstream chinese, his statements wouldn't stand well in Southern China. I guess he wants to get or got a southern european passport and take on the money despising mainstrean mentality there. Sounds more french than chinese to me.
    Not sure how it is now but 10 years back there were plenty of inspirational books in China along the lines of "Doing business like a jew" etc... Never noticed beeing called Jew of China has a negative connotation, in contrary several groups argue to be called just that - all southern groups afaik, which indeed have been early to join the mainland china gravy train, and even earlier to write overseas chinese success stories.
    Fwiw i've heard more than once in Europe snides of Whenzhou populated chinese migrant areas, but the issue had more to do with the areas beeing seedy and the Wenzhou folks coming through illegal means than the whenzhou people beeing particulary money hungry, those other southern groups beeing also very keen on banking a coin or 100 million. It did appear at least that Whenzhou and immigrants of more southern parts of China, both very present there, didn't mingle too much with each other.

    Considering the superrich population in China, it's easy to understand in some districts of Shanghai or Shenzhen, and probably in Beijing and Hanzhou which i don't know, how a family would feel modest with a net worth of hardly a bit more than 10mil USD, although "Poor" sounds a bit too extreme.
    I suspect it would feel the same among rich chinese in Sydney, London, Vancouver or San francisco
    Last edited: Jul 29, 2017
  5. luisHK


    This link doesn't work
  6. 'Poor' girl! :D

    Last edited: Jul 29, 2017
  7. gkishot


    Is it b/c some people have very narrow perspective of the world?
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    Last edited: Jul 29, 2017
    #10     Jul 29, 2017
    murray t turtle likes this.