Home Economy Are Crazy Rich Asians Really That Wealthy?

Are Crazy Rich Asians Really That Wealthy?

Crazy Rich Asians is a new Hollywood rom-com that follows a well-trodden plot path of boy-meets-girl, family disapproves but love finds a way…

The movie is based on a best-selling novel of the same name that delves into the world of the impossibly wealthy in Singapore.

The boyfriend, Mick Young, played by Henry Golding, disguises his wealth to avoid romantic entrapments with gold-diggers.

He falls for Rachel Chu, a US born Asian (Constance Wu) and takes him home to meet the family.

And that’s where the problems start.

Financial equality

But how close is the Crazy Rich Asians story to the truth?

Singapore is one of the world’s wealthiest cities. The shopping malls are stuffed with stores selling designer brands, much like London, Paris and New York.

Charity Oxfam has looked at financial equality in the Asia Pacific and crunched the data to come up with some astonishing numbers.

The region has the most billionaires and millionaires of any region in the world.

“Wealth inequality has reached alarming levels in a number of countries in the region,” said Mustafa Talpur, who heads the inequality campaign in Asia for Oxfam.

The Asia Pacific has 585 billionaires at the last count – excluding China, which has another 373. Many would call Hong Kong and Singapore home.

Asia’s wealthiest men

The Asia-Pacific has the highest number of net worth individuals in the world – people who have more than $1 million on top of the value of their main residence – making up 34% of high net worth individuals globally versus 31% for North America.

Ma Huateng, also known as Pony Ma, is Asia’s wealthiest person and is number 17 in the world rankings, according to the 2018 Forbes list.

He is CEO of China’s tech giant Tencent Holdings, owner of WeChat, a hugely popular messaging app. He has a net worth of $45.3 billion.

The Asia-Pacific also has three other billionaires representative in the top 30 richest people in the world table.

But wealth in the Asia-Pacific is unequal. In 2017, the richest 1% of the population garnered 47% of the country’s wealth – and the picture is the same in most other nations in the region.

Farid Shojaei
Farid Shojaei
Farid was born in Tehran but his family immigrated to Germany when he was 7. He finished his elementary and secondary schools in Germany but he returned to Iran on 2007. Shojaei attended the Shiraz University to study economics. A year after he became a volunteer writer of Pars Herald. On 2009 he joined the group in full time. His guidelines for the group were excellent and he was admired by other reporters in the country. City: Shiraz Phone Number: +989356998914 Email: Farid {at} ParsHerald.com Name in Persian: فرید شجاعی

Stay Connected

1,502FansLike
505FollowersFollow

Must Read

How Safe Is A Visit To The Caribbean?

Expats, tourists and business people visiting the Caribbean may well worry about their safety after a seemingly endless series of warnings and alerts over...

How Safe Is A Visit To The Caribbean?

Expats, tourists and business people visiting the Caribbean may well worry about their safety after a seemingly endless series of warnings and alerts over...

Huachuma – A Guide to the Plant Medicine San Pedro

Huachuma also known traditionally as The San Pedro Cactus, can be found throughout the Andes Mountains as they stretch across the South American countries...

Computer Hardware Prices are Increasing in Iran

As the financial and economical sanctions imposed by the United States and European Union are annoying Iranian businesses, the computer hardware prices are increasing...

Related News

Disinherited Daughter Overturns Mother’s Will

If you believed your will was a cast-iron way of leaving your money and possessions to the people you wanted, then think again. The latest...

Brexit Bill Reaches £900 For Every Household

Brexit has already cost every household in Britain £900, according to Bank of England governor Mark Carney. Speaking at a Treasury Select Committee review of...

Ruble And Shares Crash As Russian Sanctions Bite

Money is more important than armed might - and Russian President Vladimir Putin is finding that out the hard way. As the US piles on...

Real Madrid Top Football’s Money League

Real Madrid grabbed the top spot as the world’s richest football club for a record 12thtime with revenue last season of £665 million. Following their...

What would you do with a lotto win?

When you enter a lottery, you can’t help having a little day dream, even if it’s only for a minute, about what you’d do...

LEAVE A REPLY

Please enter your comment!
Please enter your name here