Move over, Jed Clampett.
A half-century after "The Beverly Hillbillies" made light of the rich and famous, Beverly Hills is about to celebrate its centennial. These days, however, the wheels of commerce along Rodeo Drive are no longer greased by oil money ("black gold, Texas tea") or by much American money at all.
Most of the revenue now comes from international tourists, and one country in particular dominates the landscape. According to a study commissioned by the Beverly Hills Conference and Visitors Bureau, about 60 percent of the revenue is coming in from foreign tourists.
"I would say that as much as 60 percent of our business in some stores—and even some stores might report more than that—comes from Chinese shoppers," said Julie Wagner, who runs the bureau. Chinese alone account for 60 percent of sales on Rodeo Drive, according to the study.