65% of Chinese said that fortune involves immoral practices, as only morally degraded people can amass a big fortune, while the remaining 35% believed that fortune involves skill, as only hard-working people can become rich

June 10, 2013 Leave a comment

Fortune linked to immorality: survey

Staff Reporter

2013-06-10

According to an online survey regarding the concept of fortune in China, 65% of the respondents said that fortune involves immoral practices, as only morally degraded people can amass a big fortune, while the remaining 35% believed that fortune involves skill, as only hard-working people can become rich, according to Phoenix New Media, who conducted the report.

The survey results conform to the negative views concerning wealth prevailing in Chinese society, as China’s increased polarization between rich and poor has lead many to become anti-rich, believing the country’s most wealthy must act immorally to amass their fortunes.Of those surveyed, 48% think that a fortune can be amassed by laborers, with 76% of respondents believing that fortune is created by humans and should be owned by those who create it, while 24% believe that fortune is an endowment that should be allocated fairly by the government.

On how a fortune can contribute to a person’s well-being, 86% think that working hard to earn money can contribute to one’s well-being, 5.6% think that money obtained illegally can better contribute to one’s well-being, while 8% would be happier to receive money via the legal distribution of wealth.

Concerning those they most admire, 52% of the respondents admire those who accumulate a fortune by his own efforts, 31% admire those who donate their money, while 16.6% prefer those who take money from the rich to help the poor.

16.7% of the respondents also admire those who dedicate their time to charity and give back to society, while 83% of respondents said that they would continue to invest their money to amass an even greater fortune.

The survey also asked the respondents their opinions on Bill Gates, co-founder and chairman of Microsoft, with his later work as a philanthropist receiving a positive response of 73.7% from the respondents.

Filed under Macro Trends

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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