Re:Why Are Chinese Millionaires So Stingy?
by gojomo on Sunday October 03, 2010 @01:21AM
(#1752159)
The author overlooks the same factors that cause non-millionaire Chinese to have such a high savings rate: uncertainty about health, retirement, and social stability.
There's none of the social insurance that exists in North America or Europe; less than 50 years ago there were serious famines; the regime itself is only about 60 years old and the current era of economic liberalization only about 30 years old.
In such a environment, people will be a bit more clingy "just in case" they're going to need every last cent in an upheaval.
There's none of the social insurance that exists in North America or Europe; less than 50 years ago there were serious famines; the regime itself is only about 60 years old and the current era of economic liberalization only about 30 years old.
In such a environment, people will be a bit more clingy "just in case" they're going to need every last cent in an upheaval.