New Money – Why are rich young people be hated?

1. What is New Money?

New money refers to an emerging group of rich people who are self-motivated and do not need family assets. This word often carries shades of ridicule and contempt.

There are many synonyms for new money such as:

  • The expression “rags-to-riches” describes a situation where people go from poverty to become rich;
  • New rich;
  • China has the word “Fu Er Dai”, which refers to the children of the “Rich One Dai” - the first generation of wealth.

2. The origin of new money?

The concept of “new money” existed before the word came into existence. In ancient Rome, the word “novus homo” (new man) was used to refer to people who were born with low status but were later allowed to work. The British also used the word “new man” to refer to the new aristocracy.

Similarly, in French there is a word nouveau riche that refers to people from the lower classes, but thanks to their wealth, they are promoted in society. The opposite of this class is “old money” - a group of rich people for many generations.

3. Why is new money so popular?

New money pattern

In 2004, 50 Cent mentioned himself being called “new money” in the rap song “This is how we do” because he succeeded so quickly.

In popular culture, the antagonism between new money and old money is frequently exploited. These two genders are also often labeled with stereotypes.

New money is said to have a lot of wealth but does not receive much credibility, especially when they often show off their wealth. This precept is also often equated with a lack of depth due to a lack of a good education.

Meanwhile, old money families are said to be well-to-do and well-ordered. An example of old money is the movie Crazy Rich Asians (2018), about the rich families of many generations in Singapore.

New money in culture

In literature, Gatsby is a typical figure of the new money world. Opposing Gatsby are Daisy and Tom, characters born in velvet. In addition, the movie The Wolf of Wall Street also addresses this topic through the character Jordan Belfort.

Gatsby and Jordan are both played by Leonardo Dicaprio

Leonardo Dicaprio seems to be very familiar with the new money class as he both plays Gatsby and Jordan. Both characters are described as people who rise from nothing and then indulge in material life with lavish parties.

It can be seen that bad habits, pomp and generosity are the stereotypes that make people hate new money. In addition, TikTok trends specializing in “flex” of wealth also increase prejudice.

The rejuvenation of the rich

According to a Bloomberg report, the age of billionaires is getting younger and younger as business owners have been exposed to potential opportunities thanks to technology early on. New careers such as KOLs, influencers and the development of cryptocurrency also help “rejuvenate” the age of the “giants”.

However, it must still be emphasized that young people get rich early, be it people like Mark Zuckerberg - a self-made billionaire, or Paris Hilton with a rich family for several generations.

4. How to use new money?

A: Why do we hate new money but we can’t stop watching them?

B: Curiosity, I guess. Look at the Kardashians, they get all the hate but are still getting rich and famous.

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