Results tagged “billionaires”

Despite Shanghai getting the reputation for being filled with rich people, it seems that there are actually more billionaires and millionaires in Beijing. According to the Hurun Report, a survey that specifically looks at the rich, there are now 143,000 multimillionaires and 8,800 billionaires in the capital city, compared to just 116,000 multimillionaires and 7,000 billionaires in Shanghai. Surprising, right? We guess this is why you've got to have 3 million RMB more to be considered a "new aristocrat" up north. Altogether, China has 825,000 people worth more than 10 million yuan and 51,000 individuals with over 100 million yuan.

If you've got lots of cash to spare, this news will get you wet. A new 20,000 square foot private club is going to open in the penthouse floor of the 24-storey Cross Tower on Fuzhou Lu by the Bund which is soon going to be renamed M1NT Tower after the name of the exclusive club also present in Hong Kong and Cannes. What makes this club special is that it is owned by members who are also shareholders — and not just any Tom, Dick or Harry mind you. M1NT Shanghai is going to have a maximum of 500 shareholders and another 2,000 ordinary members who pay annual fees. According to Marc van der Chijs (of Tudou fame) who's considering taking up membership, M1NT boasts of 7 metre high ceilings, an unobstructed 360 degree view of the city, and a 17-metre long hammerhead shark fish tank (okay, that lucky shark is not going to get killed for its fins). Hopping over to M1NT's website, we found that CNN calls it "the exclusive cocktail club that caters to jet-set billionaires", while Glamour magazine calls it a place where you can "make money while you party". We still don't know how much entry to the club will set you back, but clearly this ain't the place where you'll find Shanghaiist hanging out. For those of you interested in becoming a shareholder, get in touch with them here and you could be part of Marc's party posse real soon.

Hong Kong investment fund manager Zhao Danyang (赵丹阳) made the winning bid of $2.11 million in a charity auction on Friday for the privilege of having lunch with Warren Buffett. Zhao, the general manager of Pureheart Asset Management, won the right to dine with Buffett, now chairman of conglomerate holding company Berkshire Hathaway, on a day of his choosing at the famous Manhattan steakhouse Smith & Wollensky. Just who is this Zhao Danyang? An interview with Zhao conducted by Euromoney in 2006 describes him as "a refreshingly frank and down-to-earth figure in an industry still dominated by overseas-educated princelings and the politically connected elite." Tariq Ali of Street Capitalist reports that Zhao is a former factory owner who began his investing career in 1996. Ali points out that the philosophy of Zhao's first fund, the Pureheart China Growth Investment Fund, shows similarity to the ideas expressed by Buffett and Charlie Munger, vice-chairman of Berkshire Hathaway. Just how much knowledge will Zhao gain from his meal with Buffett, ranked the world's #1 billionaire by Forbes? Last year lunch with Buffett, which is an annual offering at the charity auction for the Glide Foundation, went for $650,000 to value investors Mohnish Pabrai and Guy Spier. Pabrai said it was "worth every penny."

Shanghai Internet entrepreneur David Li, 32, had people talking at the annual Napa Valley wine auction on Thursday when he bid $500,000 for six magnum bottles of 1992 Screaming Eagle Cabernet Sauvignon. Apart from an $840,000 multi-bidder lot, Li's was the highest winning bid that night. While Reuters sees Li's bid as further proof of China's fast-growing wine market, Shanghaiist wonders who this guy is. Li told Reuters he had recently sold his Internet company for $3.5 billion last year, making him a certifiable multi-billionaire. But after searching high and low, Shanghaiist can't find one Google hit on him prior to his bid. He is nowhere to be found on the Hurun IT Rich List and the only Chinese news article we found on this Napa auction looks like it was translated from English and only has him down as Mr Li. Just who is this mystery man? It strikes us as odd that a 32 year old Internet billionaire would be so un-Google-able. Any leads are welcome. A very tiny, blurry picture of him is available here.