A new report has revealed that Beijing has the maximum number of rich people in China.
The latest Hurun Report on China’s wealthiest people said that there are 143,000 (yuan-)multimillionaires and 8,800 billionaires in Beijing.
In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily.
The report also sheds light on how the super-rich in Beijing want to live their lives.
A wealthy Beijing resident for example would have to spend at least RMB87 million on property, cars and other luxury goods to get into the report’s good books.
They have at least three dwellings of their own, including a villa, like the 400-sq-m Ziyu Shanzhuang villa costing 24 million yuan, a luxury apartment in the downtown area for work purposes, and a Siheyuan courtyard house probably in Houhai.
In terms of brands, the Hurun Report notes that Beijing’s rich prefer Cartier to Louis Vuitton.
“During the past several years, the complexion of the rich in China has changed in many aspects.
Many of them say they want to be a sort of upper class, rather than only being rich,” said Rupert Hoogewerf, founder and publisher of the Hurun Report.
The Hurun Report also defined the upper class in five other cities: Shanghai, Hangzhou, Shenzhen, Chengdu and Shenyang.
China has 825,000 individuals worth more than 10 million yuan and 51,000 individuals with more than 100 million yuan, according to the report.
1 Chinese yuan (RMB) = 0.146 U.S. dollars
Found out more @ chinadaily.com.cn
well said
How are there 8,800 and 7,000 billionaires in Beijing and Shanghai, respectively? Are there even that many billionaires in the world?? I thought there were only a little over a thousand (At the world’s best economic time), but aren’t there only like 700 or 800 some?
1 million of yuans = EUR 100 000 : ) that is why…
[...] How do the super rich in China live? [...]
Oh all right, so in USD they are not really billionaires. ; ] thanks for the answer.
well… i know that the west is envying the Rising dragon.. as
we chinese ( like to save $$$) than spending ( which credit crunch explained everything….. in the west… ha ) so stop envy the chinese but try to BE our Allience if you want to Trade up a better future in the global recession.. dudes!
The biggest problem with the new rich (the Chinese) is that they aspire to be the like the old rich (the West). The Chinese strive to acquire the Hermes, Rolex and all sorts of other trinkets but in the end they are just like the rich Brits, Swiss or Americans.
Whether the Chinese are billionaires, millionaires is not the question. Can they make China the in place to be? Can they make it into the Riviera, Monte Carlo so that everyone in the world will want to go there to be seen. So far that’s not happening but its too early to tell.
Hong Kong was the one place that was a cosmopolitan destination, but now its just a SAR. How depressing.
I don’t know about China, but Japan is a supercool country to visit. China has a few issues to iron out, if it ever will. First thing they need to work on is to stop calling people from the west “The White Devils”. A stylish Chinese who actually spends their money on original items is a rare thing. The country is riddled with counterfeit products!
Interesting comments about this article. Actually, Foreign countries are scared with the rising of economic power of China. SOme people are not ready yet to acknowledge the idea that the economic dominant country is China. According to a report by China Elite Focus, Chinese consumers will be n°1 for luxury travel, luxury goods, and luxury cars before 2014 !