How crazy rich Asians in Vancouver ‘survive’ without allowances – they go into business
When the tap that pours almost unlimited funds gets turned off, changes have to be made. For some second-generation rich kids, that means getting into things such real estate and winemaking
Chelsea Jiang is young, Asian and ultra-rich. And she is part of a growing demographic in Vancouver, Canada, that shares a similarly privileged lifestyle punctuated by lavish parties, luxury cars, international travel and designer clothes.
“Crazy rich” Asian Vancouverites are so common they’re almost a cliché. They have money beyond imagination and live a flashy jet-set life that would be largely frowned upon back in China. Vancouver, however, is the perfect backdrop for this new generation of wealthy Asians, eager to flaunt their purchasing prowess.
For Jiang, 28, this opulent lifestyle landed her a starring role in the YouTube series Ultra Rich Asian Girls, a reality TV web series featuring the daughters of affluent Chinese Canadians living in Vancouver.
For two seasons, Chelsea allowed cameras to follow her while she shopped and travelled around the world, recording phone calls, gossip and a number of altercations. Viewers got a voyeuristic glimpse into this rarefied world of extraordinary spending and the pressures that come from managing such a high-maintenance lifestyle.
Like many second-generation rich kids living in Vancouver, Chelsea and her cast mates fuelled their credit cards via generous family allowances, which have been reported to be as high as C$30,000 (US$23,200) per month. Typically, this money flows into bank accounts while they’re in school and university, single and footloose. The wealth seems infinite.
Until one day, the allowance stops.