China’s demand for private security booms
As China experiences a host of booming business, the men and women who head these companies are looking not only to protect their assets, but also protecting themselves. The private security industry has been booming in the recent years as China continues to see massive, record breaking IPOs like Alibaba Group’s which raised more than $25 billion. While Alibaba and its executives certainly aren’t the norm, China is unique in the sheer number of millionaires within the country. Behind only the United States, China has more than 4 million millionaires and it is these wealthy entrepreneurs, celebrities and elite businessmen now heavily investing in personal security.
Partially the boom in private security can be attributed to the recent legalization of private security firms in 2010, however as Chinese businesses continue to dominate the e-commerce and manufacturing spheres the executives of these emerging corporations will not only seek to protect themselves, but also seek to enhance their own success and prestige through the use of prestigious international security firms. The same firms that have run protection for US State department heads are now being poached and inquired about by the mega rich of the far East.
Not only is the demand for international security firms increasing but also security firms within the country, to include Xin Yang’s International Security Defense College (ISDC). In China alone, there are at least 6,000 licensed security firms operating within the country with just over 4 million trained security contractors serving government officials, visiting dignitaries and VIP guests visiting the country. The myriad of institutions like Xin’s ISDC focus a majority of their attention on hand to hand skills, as opposed to the firearms training and specialties more widely seen in the West and its security firms.
With no sign of the Chinese state or its ultra rich inhabitants slowing the frequency of their own foreign investments and their continued desire to protect themselves both during business and leisure; look to the far East to be a major destination for international security firms especially those focused on executive protection and personal security details.
Jared Matthews is a graduate of Loyola University Chicago where he studied Middle Eastern and North African history and culture. He served in the US Army for six years and did two tours to Afghanistan as US Army infantryman with the 10th Mountain Division.
Originally published at www.theoverwatch.info.