Still More Yuppies Than `Yawns in Korea
By Jane Han
Staff Reporter
Unlike the Porsche-driving, Armani-wearing yuppies of the '80s and '90s, the 21st century is said to have given birth to a new generation of the very rich. Dubbed ``yawns,'' they are the ``young and wealthy but normal.''
The term, first coined by the U.K.'s Sunday Telegraph, has quickly earned nods as many agree that the rising number of millionaires and billionaires are a bit different than before.
Instead of thoughtlessly spending on show-off goods, the new breed is socially aware, responsible about society's well-being and more into saving than splurging. Simply put, they're more Ford than Ferrari and Levi's than D&G.
While the London newspaper cited a study showing that only half of today's wealthy Britons said making money was their top priority, the Wall Street Journal was quick to highlight Microsoft CEO and philanthropist Bill Gates, Yahoo founder Jerry Yang and e-Bay co-founder Pierre Omidyar as American yawns.
However, local observers say yuppies haven't exactly been replaced in Korean society.
``It's still in the process, but definitely not as visible as it is in other economically and socially advanced countries like the U.S. and U.K.,'' said Kim Kyung-shik, an investment expert and chairman of the Studying the Rich Forum.
Founded in 2005, the forum has about 100 members _ consisting of entrepreneurs, students, professionals and investors _ gathering weekly to discuss and study investment strategies and the market economy.
``Although the older generation don't seem to be as focused in giving back to society, many of the younger millionaire hopefuls are interested in social contributions,'' Kim said, adding that money is no longer the final goal.
``They first set their ideological _ not financial _ goal and then use money as a means to get to that point,'' the investment expert said. ``This is a positive change, but there's still a long way to go because we don't see too many yawns yet.''
But the trend forum chairman of the Samsung Economic Research Institute (SERI) says if you look hard enough, there are plenty of yawns out there.
``Koreans are traditionally stingy because life was so tough after the war and older generations were used to saving,'' said Kim Bo-kyung. ``But those in their 30s and 40s have come out of that mindset.''
He named Ahn Chul-soo, venture entrepreneur and founder of the country's leading networking security solutions provider Ahnlab, as a leader in local ``yawnhood.''
``Leaving the great business he started, he put everything aside and went abroad to study,'' said Kim. ``And he's constantly been doing good work for society as well _ what a great example he is.''
Because Korea follows American and British trends in many ways, the experts agreed that more yawns will be spurred in the next few years, but children's education may stand as a hindrance.
``Korean parents are notorious for wanting their kids to be the best,'' said Kim, explaining that this contrasts with the advanced education philosophy in the U.S. and U.K.
The Wall Street Journal cited that super wealthy yawns actually spend extra money to have their kids live a normal life. It said that a yawn paid a New York-based concierge firm $15,000 to look for a summer camp for his child that didn't have any rich kids.
``This is something unlikely to happen among local parents,'' said Kim. ``It's something for us to think about though because yawnhood begins from childhood.''