Image courtesy nciku
No, not some sort of Daoist philosophy reappropriated by new-age Westerners, we're referring to the sound of a billion cash registers closing in unison. That's a sound a report recently released by "luxury business portal" (whatever that's supposed to mean) Hurun would have us believe in.
There are 825,000 millionaires in China (counting by U.S. dollars), and 21,200 of them live in Sichuan! More than half of those—12,100—are in Chengdu. The report, unfortunately, did not publish identifying information for any of these moneybags.
A report published in February by consultants McKinsey Global Institute seconds the motion.
Chengdu, according to McKinsey, has more wealthy households than Detroit.
Two other noteworthy points in the McKinsey report:
-Chengdu faces a lack of skilled labor as most university graduates view the bigger cities as more desirable locations in which to start careers, and
-The city also has the third-highest number of privately owned vehicles (after Beijing and Guangzhou) and also one of the nation's lowest public-transportation usership, explaining why it sometimes takes an hour to travel 10 kilometers. There are just about 8,000 city buses, and the first line of the subway is still allegedly opening this year.
If you'd rather not read the entire report, Forbes has published a nice summary.