Ferrari prances over to China

Ferrari’s first Chinese showroom has opened in Shanghai, with the automaker aiming to open 11 more dealerships on the mainland in the next 18 months. There are now about 50,000 Chinese with $10 million socked away, and many of these new millionaires are ready to flaunt their wealth a bit, something which was frowned upon by the last affluent generation. It has typically been customary to hide one’s wealth in China, as any ostentation often breeds contempt. China’s average yearly income is only $1,000, and last year a scandal emerged when a businessman’s wife in a BMW SUV plowed over a female farmer in an industrial city.