China’s Nouveau Rich

China's Tech Sector Generates Rapid Wealth:
http://www.bloomberg.com/news/articles/2016-02-22/tech-millionaires-keep-china-s-wealth-machine-humming-for-banks

An interesting piece from The New Yorker:

http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west

“While China’s poor still inhabit a developing-world economy, a recent report found that the country now has more dollar billionaires than the U.S. does. “What is happening in China constitutes one of the most rapid emergences of wealth stratification in human history,” Jeffrey Winters, a politics professor at Northwestern University, told me. Winters, the author of the book “Oligarchy,” pointed out that China is one of a small number of countries—Russia is the other notable example—where extreme wealth stratification was eliminated in a Communist revolution and then later reemerged. As in Russia, the sudden formation of a new oligarchy in China means that there are many super-rich people who are unfamiliar with the ways in which more entrenched aristocracies quietly protect their wealth. “No matter the culture or age, old money knows from long experience that it is far safer to be secluded and less seen,” Winters said. But new money, as Thorstein Veblen theorized, asserts itself through conspicuous consumption.”