Alibaba IPO pushes Hangzhou up - Rupert Hoogewerf

Rupert Hoogewerf

Alibaba´s IPO might have made a lot of people and banks more wealthy, especially Hangzhou - the birthplace of the eCommerce giant - will benefit. Rupert Hoogewerf, founder of the Hurun rich list, expects more expensive sport cars in the Hangzhou streets, he tells in USA Today.

USA Today:

China's newly prosperous typically rush into real estate, cars and luxury items such as expensive watches, said Rupert Hoogewerf, the Shanghai-based publisher of Hurun, China's best-known "Rich List." "Inevitably, more sports cars will be sold in Hangzhou than before," said Hoogewerf, who expects Hangzhou may rise from fifth place on Hurun's ranking of Chinese cities with most millionaires, based on U.S. dollars. 

"The biggest challenge to somebody who got rich overnight is the change in lifestyle. Some turn to gambling, others live a lifestyle not commensurate to their wealth," he said. "But these tech people are slightly different. They put a lot of heart and soul into the business," said Hoogewerf, who expects that many Alibaba millionaires will buy property but also re-invest a significant amount in other start-ups.

More in USA Today.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´ request form.

Are you interested in more experts on luxury goods at the China Speakers Bureau? Do check out our recent list.

Related articles

• China´s rich focus on health - Rupert Hoogewerf
• China´s rich are learning manners - Rupert Hoogewerf
• Less spending, more super-rich - Rupert Hoogewerf
• Being rich is getting more expensive - Rupert Hoogewerf
• Who are China's superrich? - Rupert Hoogewerf
• Education, one main reason for rich to leave - Rupert Hoogewerf