Joe Tsai, Co-Founder of Alibaba, Says That There's A 'Wealth Effect' From Property Downturn [Yahoo! Finance]
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Source: Yahoo! Finance
In an interview with Norges Bank Investment Management, Tsai spoke about all things wealth, including consumer confidence during property downturns. He provided context on the Chinese economy, explaining that it makes up about 31% of global production, but its consumers participate in around 14% of global consumption. Compared to the U.S., with consumption over 70% in the global economy, Tsai feels that "Chinese consumers need to come into more significance and rival that of Western developed markets." Don't Miss: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you Tsai explained that when the housing market experiences a property downturn, it can erode consumer confidence, especially if money and investments are tied up in that property. The wealthy spend less because they don't feel as wealthy. Tsai claims
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