Young members of wealthy Chinese families — known as the
fuerdai
(pronouncd foo-arr-dye)
,
or “second-generation rich” — are being called out in the press for scandalous behavior that includes promiscuity and flaunting of their wealth,
a Bloomberg report noted.
Young members of wealthy Chinese families — known as the
fuerdai
(pronouncd foo-arr-dye)
,
or “second-generation rich” — are being called out in the press for scandalous behavior that includes promiscuity and flaunting of their wealth,
a Bloomberg report noted.
President Xi Jinping publicly advised the
fuerdai
to “think about the source of their wealth and how to behave after becoming affluent,” the article said.
A non-profit organization called the Relay China Elite Association serves as a social and networking group for wealthy second-generation members. “There’s an initiation fee of 200,000 yuan, and members must prove that their family businesses pay at least 50 million yuan in annual taxes,” the Bloomberg article said. A magazine called
Fortune Generation
(no relation to
Fortune
, the U.S. business publication) was launched in 2011 with the goal of promoting “a more positive image of the
fuerdai
than the decadent wastrels usually portrayed in the media,” the article said.
The Bloomberg report said Relay’s purpose is to encourage second-generation members to join their family companies. In 2012, Shanghai Jiaotong University issued a report saying that 82% of second-generation heirs aren’t willing to take over their family businesses, the article said. (Source: Bloomberg, Sept. 30, 2015.)
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