ASIA
19 October 2014
Rise of Asia's super rich
As rapid economic growth is lifting more and more Asians out of poverty, a super-rich elite is also blossoming.
As rapid economic growth is lifting more and more Asians out of poverty, a super-rich elite is also blossoming.
Kevin Kwan's novel "Crazy Rich Asians" is a delightful introduction to this bizarre world. It recounts the lives of three super-rich, pedigreed Chinese families. And the gossip, backbiting, and scheming that occurs when the heir to one of the most massive fortunes in Asia brings home his ABC (American-born Chinese) girlfriend to the wedding of the season.
When Rachel Chu agrees to spend the summer in Singapore with her boyfriend, Nicholas Young, she envisions a humble family home, long drives to explore the island, and quality time with the man she might one day marry. What she doesn't know is that Nick's family home happens to look like a palace, and that she'll spend more time in private jets than cars. And with one of Asa's most eligible bachelors on her arm, Rachel might well have a target on her back.
Kwan introduces us to many of the super-rich stereotypes of the Asian century in this story of over-the-top consumerism, social excesses and jet-setting lives of the wealthiest and most snobbish families in Asia.
Here is a short sampling: Chuppies (Chinese yuppies); Hennessy-swirling, cigar-puffing fat-cat Asian tycoons; Hong Kong fashionista men; marriage-scheming mothers, aunts and in-laws; fortune-hunting "Taiwanese tornadoes"; Henwees (high-net worth individuals); bitchy shopaholic parties; penny-pinching old-money overseas Asians; spendthrift new-money mainlander Chinese; and an Indian Singaporean who sends her saris back to New Delhi to be specially cleaned.
This is a story that reveals many of the social forces and tensions in Asia's rapidly changing society. Old money and new money. Overseas Chinese and Mainland Chinese. Generational divide between young Westernised Asians and their traditional parents. Snobbery attached to Asians who speak English with British rather than American accents. And more.
This is the world of at least some of Asia’s super-rich, the 412 Asian billionaires, who make up one quarter of the world’s 1645 billionaires. Already China has 152 billionaires, placing it second on the global league table after the US, with India placed 6th and Hong Kong 8th. Even relatively poor Asian countries have a fair share of billionaires, like Indonesia with 19, Malaysia with 13, Thailand with 11, and the Philippines with 10.
Forbes list of the world’s 100 richest people include 21 Asians, again with a heavy concentration from China and India, the two countries with the world’s highest numbers of people living in poverty.
These include: Hong Kong's Li Ka-shing, the world's 16th richest person, with a net worth of $32 B, followed by China's Lee Shau Kee at 32nd, India's Mukesh Ambani at 33rd, China's Jack Ma at 37th, India's Dilip Shanghvi at 38th, Japan's Masayoshi Son at 44th, Japan's Tadashi Yanai at 49th, India's Azim Premji at 50th.
Further down the list are China's Wang Jianlin at 53rd, China's Robin Li at 58th, India's Lakshmi Mittal at 62nd, China's Ma Huateng at 71st, Hong Kong's Thomas & Raymond Kwok & family at 75th, Hong Kong's Lui Che Woo at 77th, Thailand's Charoen Sirivadhanabhakdi at 79th, India's Shiv Nadar at 85th, Hong Kong's Cheng Yu-tung at 86th, Thailand's Dhanin Chearavanont at 89th, Philippines Henry Sy at 91st, China's Zong Qinghou at 95th and Singapore's Robert & Philip Ng at 98th.
Even if Asia's super rich may not be a source of spiritual and cultural inspiration, they are certainly becoming drivers of the global economy, especially through their purchases of luxury products and international real estate, business and financial investments, and their children who attend international universities, sometimes showing off their Ferraris.
Indeed, Asia has been the engine of the global luxury goods market for a number of years now, especially for products, accessories and hard luxury items like watches and jewelry. The Asia-Pacific region currently accounts for one-third of the global luxury goods market, with Japan, China, Korea and Hong Kong all ranked in the world's top ten markets.
Executive Director
Asian Century Institute
Kevin Kwan's novel "Crazy Rich Asians" is a delightful introduction to this bizarre world. It recounts the lives of three super-rich, pedigreed Chinese families. And the gossip, backbiting, and scheming that occurs when the heir to one of the most massive fortunes in Asia brings home his ABC (American-born Chinese) girlfriend to the wedding of the season.
When Rachel Chu agrees to spend the summer in Singapore with her boyfriend, Nicholas Young, she envisions a humble family home, long drives to explore the island, and quality time with the man she might one day marry. What she doesn't know is that Nick's family home happens to look like a palace, and that she'll spend more time in private jets than cars. And with one of Asa's most eligible bachelors on her arm, Rachel might well have a target on her back.
Kwan introduces us to many of the super-rich stereotypes of the Asian century in this story of over-the-top consumerism, social excesses and jet-setting lives of the wealthiest and most snobbish families in Asia.
Here is a short sampling: Chuppies (Chinese yuppies); Hennessy-swirling, cigar-puffing fat-cat Asian tycoons; Hong Kong fashionista men; marriage-scheming mothers, aunts and in-laws; fortune-hunting "Taiwanese tornadoes"; Henwees (high-net worth individuals); bitchy shopaholic parties; penny-pinching old-money overseas Asians; spendthrift new-money mainlander Chinese; and an Indian Singaporean who sends her saris back to New Delhi to be specially cleaned.
This is a story that reveals many of the social forces and tensions in Asia's rapidly changing society. Old money and new money. Overseas Chinese and Mainland Chinese. Generational divide between young Westernised Asians and their traditional parents. Snobbery attached to Asians who speak English with British rather than American accents. And more.
This is the world of at least some of Asia’s super-rich, the 412 Asian billionaires, who make up one quarter of the world’s 1645 billionaires. Already China has 152 billionaires, placing it second on the global league table after the US, with India placed 6th and Hong Kong 8th. Even relatively poor Asian countries have a fair share of billionaires, like Indonesia with 19, Malaysia with 13, Thailand with 11, and the Philippines with 10.
Forbes list of the world’s 100 richest people include 21 Asians, again with a heavy concentration from China and India, the two countries with the world’s highest numbers of people living in poverty.
These include: Hong Kong's Li Ka-shing, the world's 16th richest person, with a net worth of $32 B, followed by China's Lee Shau Kee at 32nd, India's Mukesh Ambani at 33rd, China's Jack Ma at 37th, India's Dilip Shanghvi at 38th, Japan's Masayoshi Son at 44th, Japan's Tadashi Yanai at 49th, India's Azim Premji at 50th.
Further down the list are China's Wang Jianlin at 53rd, China's Robin Li at 58th, India's Lakshmi Mittal at 62nd, China's Ma Huateng at 71st, Hong Kong's Thomas & Raymond Kwok & family at 75th, Hong Kong's Lui Che Woo at 77th, Thailand's Charoen Sirivadhanabhakdi at 79th, India's Shiv Nadar at 85th, Hong Kong's Cheng Yu-tung at 86th, Thailand's Dhanin Chearavanont at 89th, Philippines Henry Sy at 91st, China's Zong Qinghou at 95th and Singapore's Robert & Philip Ng at 98th.
Even if Asia's super rich may not be a source of spiritual and cultural inspiration, they are certainly becoming drivers of the global economy, especially through their purchases of luxury products and international real estate, business and financial investments, and their children who attend international universities, sometimes showing off their Ferraris.
Indeed, Asia has been the engine of the global luxury goods market for a number of years now, especially for products, accessories and hard luxury items like watches and jewelry. The Asia-Pacific region currently accounts for one-third of the global luxury goods market, with Japan, China, Korea and Hong Kong all ranked in the world's top ten markets.
Author
John WestExecutive Director
Asian Century Institute