Alibaba´s IPO might have made a lot of people and banks more wealthy, especially Hangzhou – the birthplace of the eCommerce giant – will benefit. Rupert Hoogewerf, founder of the Hurun rich list, expects more expensive sport cars in the Hangzhou streets, he tells in USA Today.
China’s newly prosperous typically rush into real estate, cars and luxury items such as expensive watches, said Rupert Hoogewerf, the Shanghai-based publisher of Hurun, China’s best-known “Rich List.” “Inevitably, more sports cars will be sold in Hangzhou than before,” said Hoogewerf, who expects Hangzhou may rise from fifth place on Hurun’s ranking of Chinese cities with most millionaires, based on U.S. dollars.
“The biggest challenge to somebody who got rich overnight is the change in lifestyle. Some turn to gambling, others live a lifestyle not commensurate to their wealth,” he said. “But these tech people are slightly different. They put a lot of heart and soul into the business,” said Hoogewerf, who expects that many Alibaba millionaires will buy property but also re-invest a significant amount in other start-ups.
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