A few months ago, we reported that Beijing was home to many high rollers (see the MO Down for 26 August). Now an AFP article has reminded us of just how rich they have become…
In this article, entitled ‘What Crisis? China’s Billionaires Live It Up’, Beijing's Jinbao Street, where you can find Gucci, Cartier, Rolls-Royce, Bugatti and Lamborghini, is revealed to be a popular billionaires’ haunt.
Rupert Hoogewerf, the founder of the Hurun Report, confirmed, “China's wealth is growing at breakneck speed.”
The store manager of the Cartier store in Jinbao Street also had compelling proof of Hoogewerf’s observation, saying, “Our business is very good in China. Our clients are very rich. Many buy without looking at the price.”
The Managing Director of Lamborghini, Wilson Ho, agreed stating, "For some people here, money is nothing, they come and they buy a car in one hour... and they settle the payment in full. We're talking about cars that are six, seven, eight million yuan!"
Louis Vuitton is also said to be a hot commodity, with Chinese consumers bringing “armfuls of purchases to the cash register”.
For more observations on the spending habits of Beijing’s wealthy, click here to read more.