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.
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
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