They are China's young 'fuerdai', which translates as 'rich second generation'. And many in the country – including Chinese President Xi Jinping – fear that their money-burning lifestyles are getting dangerously out of control.
And after a massive public backlash against the fuerdai, Xi demanded that they be taught the value of money - so 70 of the billionaires' children were sent to a 'social responsibility' retreat where the fine for turning up late was £103.
They often work as casual business investors or are unemployed, and are the immensely wealthy sons and daughters of Chinese businesspeople and government officials.
This year, mainly due to the rise of social media in China, public scorn for them has reached fever pitch.
One of the biggest previous backlashes against them came in 2013, when a series of fuerdai scandals shone a light on the generation's shocking and excessive behaviour.
In April that year Shanghai Daily reported on rumours of a fuerdai sex and drug party in Sanya, Hainan province.
Officials investigated a yacht show bash there after hearing reports of a model selling sex at the party for 600,000 Yuan (£62,000).
Public has grown sick of the Chinese 'fuerdai' - or 'second rich generation'.
China's president ordered a crackdown to teach them the value of money. As many as Seventy youngster were sent to 'social responsibility' retreat where they were fined a meager £103 for turning up late.
They post pictures of their multi-million bank accounts, fast cars and pets wearing gold Apple Watches on social media.
One shared image of £500,000-worth of casino chips after being accused of selling sex for £62,000
But an author who wrote about 'fuerdai' phenomenon says they show off because they all had 'lonely childhoods'
A woman named Guo Meimei, who is now 23 and was considered to be the queen of the fuerdais, was accused by a male rival, Chen Junyu, of selling sex in Sanya.
One user on Weibo, China's version of Twitter, wrote: 'It is really quite disgusting for a bunch of rich, bored fuerdai to show off their fancy lives like this.'
Miss Guo fell from grace last year when, after being arrested for gambling crimes, she admitted she had accepted money for sex in the past.
She had also falsely claimed that she worked for the Red Cross charity, damaging the reputation of the organisation and prompting it to issue a statement saying it had no ties to her.
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