The Nouveau Riche Niche

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The Harmonious Society is a worthy aim indeed, but it is (or was) also glorious to be rich. We already know something about what the merely wealthy like to buy, but Forbes gives some insight into who those at the top of the pile in China are today.

    “All 40 members of the Forbes Asia list of China’s richest this year are billionaires, up from just 15 last year. The total wealth held by members of the list vaulted to $120 billion, from $38 billion last year. By comparison, the 40 richest Americans are worth $628 billion. Once poor, China is hardly hopelessly behind the world’s richest country.”

The top 10 rankings from Forbes are as follows (the rest can be viewed via the article link below):

Rank / Name / Net Worth ($ bil) / Main Business / Residence / Industry

1 – Yang Huiyan – 16.20 – Country Garden – Guangdong – Property
2 – Hui Wing Mau – 7.30 – Shimao Property Holdings – Hong Kong – Property
3 – Guo Guangchang – 4.85 – Fosun International – Shanghai – Conglomerate
4 – Zhang Li- 4.75 – Guangzhou – R&F Properties – Guangdong – Property
5 – Zhang Jindong – 4.50 – Suning Appliances – Jiangsu – Retail
6 – Xiaofeng Peng – 3.85 – LDK Solar – Jiangxi- Solar
7 – Zhang Xin – 3.80 – SOHO China – Beijing – Property
8 – Lu Zhiqiang – 3.70 – China Oceanwide – Beijing – Property
9 – Larry Yung – 3.65 – CITIC Pacific – Hong Kong – Conglomerate
10 – Wong Kwong Yu – 3.60 – Gome Electrical Appliances – Beijing – Retail

It is just another reminder that per capita figures in China (increasingly impressive as they may be) do not tell the whole story. And the whole story is something that many companies still need to hear – including the (very) luxury car maker who recently reported to an associate that there was no market for them in China, as the people are too poor. (For more on how high-end cars are selling like hot cakes, see this post on The China Game).

It may still be a niche market, but it can be a very nice niche these days!

See news source:

    China’s 40 Richest
    Forbes – NY,USA
    China’s efforts to put the brakes on the country’s booming property market this year didn’t stop the 26-year-old daughter of one of China’s largest property …

2 Responses to “The Nouveau Riche Niche”

  1. The Nouveau Riche Niche Says:

    […] This is the cached version of http://www.chinabusinessservices.com/blog/?p=592 We are neither affiliated with […]

  2. andreea360 Says:

    I’m not surprised they like Lacoste, Valentino or Dior. What’s beautiful even God likes it!

    ____________________
    Nouveau Riche University

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