Dan Collins is our man on the street in Shanghai China. While there’s much controversey over the Chinese economy, Dan sees things as improving and more Chinese are being lifted out of poverty. Yacht sales in China have increase 700% in the past year, probably from 1 to 7, but luxury goods purchases in China now account for 25% of global demand. And this doesn’t include Chinese tourists going overseas, picking up that Louis Vuitton bag for a song. The wealth shift from West to East continues unabated.
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