China's growing 'bling dynasty'

    5:52 AM, May 27, 2013   |    comments
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    TANGSHAN, CHINA (CNN) -- The "Billionaire's Club" is growing in China. The country could soon be home to more of the "one-percent" than anywhere else in the world. And with all that increasing wealth, it's no surprise then that China is fast emerging as a top luxury market.

    There is a luxury convention in Tangshan where you can find items from jade to jaguars. But the question is what is luxury in China? Joining a golf club? Maybe a Red Ferrari or Lamborghini?

    But consider this, china could soon have more billionaires than anywhere else in the world. They're calling it, the "Bling Dynasty". Cultural commenter Hong Huang says it is all about showing off, "Because China has found a new religion for 21st century living. Which is that we worship money."

    Caravan salesman Liu Xiaoliang says, "Chinese are not familiar with the concept right now, but when they get to know it, it will change the way they live completely."

    So luxury can mean camping with flat screen TVs and Burberry blankets. Huang says, "There is a bit of bingeing going on in terms of material goods. And there is a bit of starry eyed and bushy tailed about all things luxury and aristocratic."

    It's hard to miss the luxury pitch in Tangshan, and its third tier cities like this that are the new frontier of the luxury market.

    And the number of dollar millionaires in china is growing rapidly as its entrepreneurs take their companies public. There are about one and a half million "millionaire households" in China. It's why luxury is taking off. Helicopter salesman Dong Zhi-An says, "Our client are the people of Tangshan. There's a large number of new rich whose lives have been changed dramatically. They used to drive cars, now they want choppers.'

    China's new elite likes to spend and to be seen spending.

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