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Children of the Yuan Percent: Everyone Hates China's Rich Kids

bloomberg.com

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Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#31

Post by roymurdock »

Funny to think that China was reforged under communist ideals only 50 years ago, and that the hatred of the poor rural folk for the wealthy, corrupt royals and warlords was strong enough to unite allow the country to expel the Japanese, the British, and the KMT.

It's my view that the standard of living for the poor and lower classes has improved enough that there would not be enough hatred to fuel a revolution. Disgust and indignation, maybe, but it seems like a quaint notion that a leader could unite peasants and farmworkers, outfit them with weapons and train well enough to fight against the PLA and its allies.

Anyone from China/living in China travel to any rural areas and have any insights they're willing to share?

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#32

Post by Chathamization »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

The impression I get from American philanthropists is that, for many of them, it's another way to show off their wealth. It might not directly benefit them, but neither does buying diamonds or gold jewelry. With philanthropy you get big galas, get buildings named after you, demonstrate how wealthy you are to your peers, etc.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#33

Post by cafard »

roymurdock wrote: post #31

Funny to think that China was reforged under communist ideals only 50 years ago, and that the hatred of the poor rural folk for the wealthy, corrupt royals and warlords was strong enough to unite allow the country to expel the Japanese, the British, and the KMT. It's my view that the standard of living for the poor and lower classes has improved enough that there would not be enough hatred to fuel a revolution. Disgu…

a. Only 50 years ago? The Japanese surrender was 70 years ago, and the civil war between the PLA and the KMT was all over but the shouting 65 years ago. b. The British? The corrupt royals? The royalty was gone except from the puppet state in Manchuria well before that. c. The expulsion of the Japanese had a good deal to do with the Japanese losing a war to certain Western powers, not to mention, in at the end, the USSR. d. It is not at all clear to me (I am no historian) that the revolution per se would have sufficed without the losses suffered from 1938-1945.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#34

Post by kitcar »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

For what its worth, a billionaire once told me the following quote: There are two types of people that give money to charity - those that want to, and those that have to

(the context of the conversation was the idea of charity as atonement for sins)

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#35

Post by ZeroGravitas »

EliRivers wrote: post #16
mrkickling wrote: post #14

"You deserve to be poor because you don’t work hard." I wonder how they can allow themselves to be rich if they don't work?

That's a bit out of context. The full quote radically changes the meaning: "There are two groups of poor people. One is, you don’t work hard. You deserve to be poor because you don’t work hard. Second is, you work hard but can’t succeed. I think we should help the second group of people."

I liked her next line:

There’s a saying, jiu ji bu jiu pin—‘We’ll help you if you have an emergency, but we cannot help you if you’re poor.’

Which is something I think about every time there's a global appeal after an earthquake or tidal wave, yet that contrasts with general indifference or outright hostility to helping with general poverty.

Just need to figure out how to pronounce that phrase correctly so I can drop it into conversation.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#36

Post by omegaham »

raverbashing wrote: post #9
lordnacho wrote: post #2

Well it sounds like they have the same problems other rich kids have. Mainly that it's hard to get away from from your parents' influence, and anything you achieve is credited to the family. Also there's a wariness about new people, and a feeling of being disconnected from ordinary society. I know a couple of heirs, and they've handled it differently. One kid works in the family office, investing the family fortune.…

Probably also absurdly spoiled, never had to have an actual 9-5 job Also accustomed to being rude and being pampered all around the place

It depends, but a large number of rich kids are completely aware of the saying, "Riches to rags in three generations." If the money isn't coming in anymore, acting like spoiled assholes will gut a fortune as quickly as the family can spend it. There are a lot of lower-middle class families who were rich 100 (or even 50) years ago.

It corrects itself. Most "old money" is perpetuated because education and strong values are passed down from generation to generation. When that stops, so does the money. After all, if Junior is spoiled as shit and needs Daddy's influence to get him a job, he'll do just fine... but what about Junior's kids?

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#37

Post by im3w1l »

ZeroGravitas wrote: post #35
EliRivers wrote: post #16

Earlier quoted context omitted.

That's a bit out of context. The full quote radically changes the meaning: "There are two groups of poor people. One is, you don’t work hard. You deserve to be poor because you don’t work hard. Second is, you work hard but can’t succeed. I think we should help the second group of people."

I liked her next line: There’s a saying, jiu ji bu jiu pin —‘We’ll help you if you have an emergency, but we cannot help you if you’re poor.’ Which is something I think about every time there's a global appeal after an earthquake or tidal wave, yet that contrasts with general indifference or outright hostility to helping with general poverty. Just need to figure out how to pronounce that phrase correctly so I can dro…

Insurance vs charity

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#40

Post by sliverstorm »

gozo wrote: post #27
EliRivers wrote: post #16

Earlier quoted context omitted.

That's a bit out of context. The full quote radically changes the meaning: "There are two groups of poor people. One is, you don’t work hard. You deserve to be poor because you don’t work hard. Second is, you work hard but can’t succeed. I think we should help the second group of people."

Which is still ridiculous because the Chinese are the hardest working people I've ever seen. I would assume she and her friends are by far the least hard working demographic in China. It's a just world fallacy if anything.

A sixth of the world's population lives in China. Not every one is hard working.
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