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Chinese Wealth in America

Before you continue to read. Remember, I don’t go off generalization, I go off personal or open statistics. This is satire and not a TED Talk, so put the guns down.

If you’re not familiar with the influx of Chinese wealth in the past decade, I suggest reading Number of Chinese millionaires sees rapid surge as a starting point to understand what’s happening. Canada is amongst one of the most migrated countries of Chinese wealth next to the US and Australia. Here’s what’s important to understand and many news outlets won’t talk about – There are two types of wealth in China.

  1. A family once of average stead or just getting by are suddenly told their land and business growth will be multiplying 100 folds or more. This is where typical working class becomes elitist working class. The opportunity to offer higher education for their children out of country is now possible.
  2. Wealth that were gained by corruption. The way the wealth has been accumulated could not be spent, and there were no means to do so in their home country. Suddenly, government crackdowns were occurring and there was a need to move money out of country. Most often these funds went to children who enrolled for education in other countries.

The Problem

The birth of what’s known as Chinese 2nd Generation Wealth (富二代) were born; a breed of people I struggle to be friends with 90% of the time. These children (and I call them children because many lack independent thinking) assumes that respect is gained through wealth as it is done so in China. This doesn’t fly in free sprit countries such as US, Canada, and Australia. We see the lack of humbleness that comes with making the money. A prime example is a dialogue that happened today with one of my dad’s business associate’s son who is new to Canada. My dad often asks me to hang out with these business associate’s kids as these “relationships” tie with his line of work. Not my favorite thing to do, but when dad asks for a favor, I do. Like any good son would. I’ve met this kid a few times at dinner gatherings. He’s 22 years old. Tells me it’s been hard to make friends in Canada. Let’s call him Zhi for hell of further stereotyping.

We met at Starbucks for coffee and we grab a seat facing the street where both of our cars are parked. I proceed to take a picture of our two cars because it’s a nice day and both of our cars were clean. His car color is pretty sweet.  He pipes up after taking a sip of his beverage in a thick Chinese accent.

Zhi: Want me to move my car to the front?
Me: Why?
Zhi: Because mine is newer, faster, and two times more expensive than yours.
Stunned for half a second at his response, and without missing a beat
Me: ...yeah but daddy didn't buy mine. This is why we don't hang out. Maybe also why you haven't made any friends.
Zhi: Haha you're so honest. So funny. We are friends.

This is the third time he’s said something so obnoxiously arrogant and I spoke up calling him out. Now I’m wondering if he just loves the abuse. This is an example of many how these young fellows lacked social engagement skills. He didn’t say it to be insulting. He wasn’t trying to be coy. He spoke as if it were just facts and that’s something I needed to be aware of. The blame could be said, it’s on the parents. But maybe not. Only time can fix what I believe is an emerging group of wealth to better refine themselves.

So if you’re a new Chinese immigrant reading this and thinking what’s wrong with this? Contact me and I will coach you to not be a piece of shit for $10,000. No tax. Friend price.

Let’s Talk

Erwin Lee © 2021. All Rights Reserved.