I recently retired as UK senior partner of BDO after 23 years as a partner with the firm. Last year, I took up a position as visiting professor at Xiamen University, China. My wife is Chinese and I decided to spend three months exploring business opportunities in the region and trying to learn some Mandarin.
I’m blogging about my experiences in China for Real Business ? catch up on my journey so far.
A new Credit Suisse report suggests that more than a million new US$ millionaires were created in China last year, and that personal wealth there now stand at US$20trn third highest in the world, behind USA and Japan and expected to double again over the next five years.
However, the gap between rich and poor in China, which is already at a level perceived to be dangerously high, is predicted to keep increasing.
This is a priority area for the Chinese government, which will be trying to redistribute wealth to reduce the risk of social unrest.