Tuesday, April 12, 2016

How do nouveau rich Chinese spend their money?


Ms. Jiang at the Lamborghini dealership in Vancouver, BC, Canada, courtesy NY Times 

Did you ever wonder what the rich Chinese do with their millions? I mean, just go to every store across America, basically we are an extension of China where literally everything sold is made in China, from your plastic spoon to your child's toy car. I am sure the vast majority of workers are living day by day, week by week, but for the privileged few, they live like movie stars or kings and queens. Most of the money made in China is heading to Canada, and in particular, Vancouver, British Colombia. I was there back in 1989 and 1992 and even then I noticed it was all Chinese.

According to the NY Times, you can see money spent on Chinese youth, driving $200,000 dollar sports cars. Remember to most Chinese, their idol is money and as they make the worlds chachkelach (Yiddish term for toys) they have to spend their money somewhere. With the weak Canadian dollar and easy immigration rules, the Chinese 1% percenters have found Vancouver as their home to flaunt their wealth. See story here....www.nytimes.com/2016/04/13/world/americas/canada-vancouver-chinese-immigrant-wealth.html

Maybe someone should lecture them about giving charity and that money is only a test  how you use it?      

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