Are you rich? Like, filthily, disgustingly, tastelessly rich? Like, you buy two gold Apple watches, put them on your dog and take a picture rich? Congratulations: you may be fuerdai.
The term (which sounds phonetically similar to ‘do or die’) refers to China’s second-generation rich, and Bloomberg’s New Money issue takes a look into the lives of this elite group, born into the wealthiest of families and struggling to figure out what to do about it. Do they try to make a name for themselves? Is it even possible?
“All fuerdai face a version of the same problem: They have everything but the ability to surpass their own parents. Whatever they achieve will be credited to their family, not to themselves.”
“It’s no surprise that most fuerdai, after summering in Bali and wintering in the Alps, reading philosophy at Oxford and getting MBAs from Stanford, are reluctant to take over the family toothpaste cap factory.”
The characters in this piece range from a young, lonely fuerdai in his early 20’s who moonlights as an Uber driver in hopes of meeting girls, to the founder of a magazine that believes in the positive effects his privileged second generation can have on China’s economy if they put aside the tasteless antics of the idle rich and take part in the family businesses that made them wealthy in the first place.