52% of “Second Generation of Rich” (富二代) prefer starting their own businesses

Second Generation of Rich

Second Generation of Rich (Rich 2G) or “富二代” refers to the children of the first batch of private entrepreneurs getting rich after the reform and opening-up in China. Most “Second Generation of Rich” were born in the 1980s, and have received good education and enjoyed other social resources.

According to the Hangzhou Daily, “second generation of rich” as a term means a lot of admiration from many people in the society but it does not represent an honor to many who are actually categorized in this group. A survey done by Zhejiang University showed that more than half of the “second generation of rich” want to start their own businesses. The person in charge of the Research Center of Zhejiang University business growth said that more and more “second generation of rich” hope to realized the achievements of their own entrepreneurial dreams; with independent entrepreneurial experience, they actually prefer to be “second generation of entrepreneurship”.

“Second Generation of Rich” pay more attention to self-development

Zhejiang with large number of private enterprises, is considered the place having the largest groups of “Second Generation of Rich” concentrated in the areas. Lu Yanfeng, director of the Training Department of Business Growth Research Center of Zhejiang University, said they did a survey on the Second Generation of Rich, he suggested that “In stead of people’s impression that these young generation will take over their fathers’ and mothers’ business, 52% of them actually choose to start their own businesses.”

The survey shows that the “rich second generation” prefer setting up their own businesses for many reasons, such as “to prove themselves”, “accumulate business experience”, and “not interested about parents’ business”. 53% of the respondents received a capital between 500 thousand to one million yuan; 22% of them received 1-2 million yuan, 25% of them received a capital below 500,000 yuan (6.25yuan=1USD).

The survey also showed that 80% of the “second generation of rich” often felt depressed. Among them, 45% of people said they have conflicts with their parents in term of having different concepts and thinkings. In addition, the group is moving toward the center of the social stage, are more lonely than the previous generation of entrepreneurs with more pressure and weighted responsibility. They are more eager to communicate than any other groups.

Statistical analysis of the questionnaire, showed that from the age structure of China’s “second generation of rich” this group of people are mainly concentrated in age from 18 to 35. In term of educational background, the “second generation of rich” received higher education with up to 87% of them obtained bachelor degree or above; 44% of the second-generation of rich had overseas studying experience out of whom 64% chose major of economic management and business management. Because of their educational background, most of them more open than the previous generation paying more attention to the quality of life and self-development.

Related Story: Luxury Lifestyle of a 16-year-old Second Generation of Rich in Shenzhen (Series Photos)

Reference Link: http://www.chinanews.com/sh/2013/04-17/4737037.shtml

Leave a Reply

Your email address will not be published.