‘Miniature MBA’ for wealthy young in China
There’s a bucket of money to be made here, without breaking a sweat or a fingernail.
It may not be exactly the Great Leap Forward, yet what is happening among the elite in China is no less than a cultural revolution.
The Communists of China have shown that they do capitalism better than the capitalists and know how to make oodles of money. The problem is how to spend it.
Ms Hilton knows how.
The offspring of Chinese billionaires already are enjoying a new extracurricular course in how to behave when Daddy is wealthier than Croesus.
According to the International Business Times (IBT), these classes involve teaching the young a few important lessons in life: How their father made his billions, how he holds on to them, and why it is wrong to ask him to buy you the entire toy shop.
A financial tutorial institute in Chengdu, central China, has launched a training scheme dedicated to children as young as seven to enhance their “financial quotient” by teaching them how to manage money, state news agency Xinhua reported.
Experts are being flown to Chengdu every three months to teach them a wide range of subjects, including how to work to a budget, how to invest your New Year gifts and the essentials of shopping.
Parents pay a tuition fee of 60,000 yuan (€7,446). It is a considerable sum in China, but is not as high as the price well-off parents might be already spending because of their children’s lavish lifestyle.
“We gave each child €4.57 to go shopping in a virtual environment. One of the children ran up a bill of over €2,350 and refused to accept that any of the items were unnecessary,” Institute director Fang Yuan told the IBT.
Forty pupils, most of whom are born to millionaire or billionaire families, have enrolled for the first year of the tutorial which has been promptly dubbed a “miniature MBA”, according to Xinhua.
