The Hurun Research Institute published the 2010 Hurun Wealth Report today for the second consecutive year.
The report analyses the number and distribution of China’s wealthy across the nation’s major cities and provinces.
The report shows that there are 875,000 people with more than RMB 10million (EUR 1.1M / USD 1.47M) in China today, an increase of 6.1% from last year.
This growth has occurred against a background of strong economic performance in China‘s economy.
According to Chinese government statistics from February 2010, house prices rose 10.7% over the past year.
Beijing, as home to 150,000 millionaires, was the place with more rich people than anywhere else.
Guangdong was in second place with 145,000 and Shanghai came in third position, with 122,000. These people accounted for 48% of China’s total.
“The findings of the Report show that there are 1900 people with the equivalent of EUR 110billion in China, which is twice the number of people included on the 2009 Hurun Rich List.” said Hurun Report founder Rupert Hoogewerf.
“This suggests that there is a hidden class of low-key rich, who keep their heads below the parapet”.
The minimum threshold for inclusion was RMB10 million, based on all private wealth including privately-held businesses, principal private residence and art collections.
The range of assets considered sets the Hurun Wealth Report apart from the methodology of Merrill Lynch and China Merchants Bank’s studies, which only measure investable assets.
The average age of China’s wealthy is 39 years of age. On average, they are 15 years younger than their counterparts outside of China, and their wealth is growing more rapidly.
The male to female ratio is 7:3. They made their money primarily from the service, property and manufacturing sectors, and they are super-confident about China’s economic outlook.
They enjoy collecting watches and Chinese classical art, and on average they own three cars and 4.4 luxury watches.
Travel, golf and swimming are their leisure activities of choice, and they take an average of 16 days holiday a year. One third don’t drink and almost one half don’t smoke.
For their children’s education, Great Britain is their choice for secondary school, and the USA for university. Their average golf handicap is 26.
Philanthropy has become established with China’s rich over recent years, and education, disaster relief and social welfare projects were the causes that received the bulk of their donations.
“China’s millionaires are becoming increasingly sophisticated in the way they spend their money, and at a remarkable pace” said Hurun Report founder Rupert Hoogewerf.
Hainan Rendez-Vous, China’s premier luxury lifestyle show, will be held on April 2nd – 4th, 2010 in Sanya.
This inaugural event combines the largest private jet show in Asia, the leading yacht show and a luxury property and lifestyle showcase in one.