whatilearned
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TIL During the largest asset bubble in world history – the Japanese 1980s economy – it is estimated that the total market value of golf club memberships was worth over $200 billion USD.
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I remember that bubble. There was a mild amount of hysteria that the Japanese were about to economically take over the world. Books about Japanese management were crawling all over the best seller lists.
It all ended when the bubble abruptly burst and sent Japan into decades of stagnation.
They were running a triple surplus, trade, tax and personal savings and the world was terrified that Japan was going to take over the world so it was all just dumped back into Japan. Imagine $10,000,000 for a 10’x10’ rock garden in Tokyo in the 80’s.
At one point the value of the real estate in downtown Tokyo was greater than all the real estate in North America
there’s probably one guy who played golf during that period till death.
Not sure if it is a thing now but there used to be golf clubs in the US specially for Japanese. I also worked at a Japanese firm and stopped a purchase order for Ping Golf clubs my first week. The supervisor took me to a back room full of golf clubs. Business expense it is.
Are you sure or is that just what Donald Trump quoted you?