The flashy children of the ultra-wealthy in China see so much public backlash that the country’s president was even once forced to intervene.
The “fuerdai,” which translates to “rich second generation,” are known for their ostentatious posts on social media showing off their wealth and luxurious lifestyles.
Some of these photos depict stacks of cash, expensive cars, shopping sprees, and even the burning of cash.
Last year, Chinese President Xi Jinpin ordered 70 fuerdai of billionaire parents to be sent to a “social responsibility” retreat to teach them the value of money. Those who showed up late were fined $150.
Many fuerdai are unemployed or work as casual business investors. They often come from families of rich businessman or goverment officials, according to the Daily Mail
Wang Daqi, author of the book “Children of Wealth,” told the Daily Mail that most fuerdai went through childhood loneliness:
“There seemed to be a lack of parenting when they were growing up. They usually study abroad and their parents tend to feel guilty, then show redemption by giving more and more money to them.”
“One fuerdai I interviewed, who works in Sichuan province, grew up away from his parents. He hated being alone so when he became an adult he always hung around with around 20 people over weekends. When he went to the cinema he’d buy 30 tickets.”
“He had a Land Rover but had a crash so he bought two Hummers, for safety. He had a Ferrari but he got bored with it so he gave it to his wife. She used it to drive to the supermarket for grocery shopping.”
Wang told the Mail that he believes that government intervention will not be effective:
“It won’t work. An example: I was at a banquet organized by the government in Macau last month. It was designed for rich second generation kids, to bring them together [with government officials]. But the rich kids just ended up playing drinking games with red wine and didn’t even talk to the officials.”