Young Money, Old Money
Chinese millionaires average 39 years old, a full 15 years younger than their Western counterparts.”
Shanghai Wealth Report 2011
In the West, asset owning older people are thriving in wealth and income. Of course there are many young Westerners who have acquired substantial wealth, often through film, music, digital technology and of course, inheritance. But in general the younger generations in the West are delaying the start of wealth accumulation. They postpone careers to get more education. They marry later (delaying the financial benefit of a shared household), have children later (delaying the arrival of lower-cost, child-free days) and inherit money later because their parents live longer.
In the newly wealthy economies, that pattern is different. According to the Shanghai Wealth Report 2011, Chinese millionaires average 39 years old, a full 15 years younger than their Western counterparts. Rapid economic growth and commercial diversification, a younger demographic profile and evolving cultural attitudes are all changing the pattern of lifespan wealth accumulation. Si Shen, the co-founder of Papaya Mobile is a mere 29 years old, whilst India’s Suhas Gopinath of Globals Inc was a CEO at the age of 14.