Friday, August 26, 2011

China has now 960,000 millionaires - Rupert Hoogewerf

Rupert Hoogewerf
Almost a million Chinese now have 10 million Renminbi (1,57 million US dollar) in assets, according to the latest Hurun report. 60,000 have over 100 million Renminbi (15,7 US dollar) The Hurun report is published by Rupert Hoogewerf.    
Beijing had the largest number of these individuals with 170,000, followed by Guangdong with 157,000, Shanghai with 132,000, and Jiangsu province with 68,000. Rich people were defined as individuals with at least ten million yuan in assets, including investable assets, shares of unlisted companies, houses for their personal use and art collections. Among the 960,000 individuals, 400,000 had ten million yuan in cash and stocks, while 560,000 had less than ten million yuan available for investment. This meant the assets of 40% of the rich were investment and liquid assets, while the assets of the other 60% were fixed assets. According to the report, the average age of the rich with assets of more than ten million yuan was 39, and the male-female ratio among them was 7:3. People with assets of more than 100 million yuan (US$15.7 million) were 43 years old on average. The rich spend most of their money on travel, followed by luxury daily goods, their children's education, leisure, gifts and art, the survey found. The United States was the top destination to send their children to be educated. The United Kingdom and Canada were their second and third choices, the report revealed.
More in the Want China Times. Rupert Hoogewerf or Hurun is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch.
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