Monday, May 16, 2011

Chinese rich work for their capital, do not inherit - Rupert Hoogewerf

Unlike their US counter parts, Chinese rich mostly work to get their capital together and to not inherit, reveals the latest Hurun Report, produced by Rupert Hoogewerf or Hurun. China has 56 billionaires under the age of 40, the China Daily writes.
Rupert Hoogewerf
Of the young billionaires, 44 started businesses from scratch, while only 12 inherited fortunes or estates.

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, suggested that China's young generation of rich people is better educated, more promising and more cosmopolitan.

Almost every person on the list had been to college and nearly 20 percent had earned a master's or higher degree.

And since more and more businessmen are sending their children to study abroad, 50 percent of the rich people on the list had studied in the United States or Europe, making the generation far more cosmopolitan than its predecessors.

Four out of five Chinese entrepreneurs said they would consider sending their children abroad for a better education.

As for what the young billionaires studied, 60 percent went to business schools. The next most common degrees were in the sciences, in the arts and in engineering.

Ma Huateng, 39, co-founder of China's largest Internet company Tencent, appeared at the top of the list, having a fortune worth 32 billion yuan. And Yao Ming, the famous basketball star, ranked in the 51st place.


More in the China Daily.

Rupert Hoogewerf or Hurun is a speaker at the China Speakers Bureau. When you need him at your meeting or conference, do get in touch.
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