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Rich kids need lessons in thrift

(China Daily)
Updated: 2009-04-08 07:46

Young people flaunting their family's newfound wealth makes us worry that they won't be able to manage the businesses left over by their rich parents, says an article on the website www.zjol.com.cn. Following is an excerpt:

It's quite common to see youths with rich parents driving luxurious cars like Audis and BMWs in Wenzhou and Yiwu, two typical Zhejiang province cities.

Of course, it's their right to flaunt the money given them by their rich parents, and others shouldn't intervene. But young show-offs may ruin their own prospects and destroy the hard-earned prosperity of their rich parents' businesses.

Most of these families have amassed wealth through hard work and are the first generation to grow rich in China.

If children have no limit in splurging money, people may worry whether they can successfully take over and manage the businesses of their parents.

According to statistics, 43 per cent of family businesses face the problem of how to successfully transfer wealth to the next generation.

(China Daily 04/08/2009 page8)