Getting rich; feeling vulnerable
The rich in China are also vulnerable to threats, physical violence and blackmail. The media has reported on numerous cases of wealthy people being forced to pay protection money and some have been murdered when they refused.
A former journalist-turned-publisher has decided the best way to protect her family and her wealth is to emigrate to the United State, even though she speaks little English and her husband has no intention of learning the language. She agreed to talk to the Global Times if she was not identified. "I worry about the future. I know a lot of wealthy people like me who don't feel secure because they think there could be stability issues in China. We're hedging our bets."
She understands why some people might hate the rich, considering the reports of corruption and illegal means some of the wealthy have used. "Many people don't realize, though, that most wealthy people got where they are because they had good ideas and worked hard for the success they have achieved," she said.
The mother of two appreciates and fully enjoys being one of the lucky million or so who are leading the very good life in China. A chauffeur drives her to her office and three nannies help run her household. There's horseback riding at the family's country retreat on the weekends and her son attends an expensive private school.
She purposefully maintains a low public profile and makes sure she pays all required taxes. Worrying about maintaining her status and wealth is even harder than getting there, she said.
She's still in a bit of shock that her former neighbor, Huang Guangyu, once listed as China's wealthiest person is now serving 14 years in prison for stock fraud and insider trading when he was the head of the giant electronics retailer Gome. "What he did, everybody is doing. He must have had some very big enemies," she said.
A sense of insecurity seems to be driving many of China's rich to at least consider transferring their wealth abroad. China's Merchants Bank recently reported that 60 percent of China's millionaires say they would like to emigrate. The report claims that 27 percent of those with assets of 1 billion yuan have already emigrated to wealthier countries. The Beijing immigration center confirms that the number of investor emigrants has increased sharply over the past five years.
Well-known columnist Tong Dahuan wrote in China Youth Daily that the wealthy are the first group to be criticized when social conflicts are magnified. "So once the time is right, many of them choose to go to other countries where they can find relative fairness and a healthy environment," he said. "That's not a good sign, because it's like we are helping cultivate fortunes only to see them flee to other countries."
(Source: Global Times)
