Charity donations stalled despite growing fortunes - Rupert Hoogewerf

Rupert Hoogewerf

Fortunes of China's rich have exploded in the past decade, but philanthropic donations did not change over the past ten years, says Rupert Hoogewerf, founder of the 2017 Hurun Philanthropy List to ECNS. Hurun Philanthropy List. And when they donate, they prefer overseas charities.

ECNS:

A new Hurun Philanthropy List released on Thursday shows that although the threshold for entering the Hurun Rich List has doubled in the past 10 years, the threshold for charity has remained unchanged, indicating the lagging development of China's charity work. 

In 2007, a minimum net worth of 7.5 billion yuan (about $11 billion) was required to be included in China's Top 100 richest people, and the threshold rose to 22 billion yuan in 2016, a rise of nearly double. The threshold for entering the Philanthropy List is 15 million yuan in 2017, the same as that in 2007. 

Xu Guanju, the founder of chemicals and logistics provider Transfar Group, and his family topped the Hurun Philanthropy List with a donation of 3 billion yuan. He was followed by Tencent co-founder Chen Yidan with a donation of 2.25 billion yuan to set up the world's largest education award, the "Yidan Award," in Hong Kong and Xu Jiayin of Evergrande Real Estate with 1.24 billion yuan. 

Xu's family, worth 23 billion yuan according to the Hurun Report, announced the donation to Transfar Charity Foundation to mark the 30th anniversary of the group's founding last year, pledging to support poverty alleviation, medicine, health and the environment. 

The list ranks annually the Top 100 most generous individuals from the Chinese mainland based on their donations in the past year. The 100 philanthropists donated a total of nearly 16 billion yuan, down 45 percent year on year due to Pony Ma's donation driving up the overall level last year. 

Real estate, investment and IT are still the top three industries that most philanthropists are doing, making up 60 percent of the list, which had 73 new philanthropists, four more than last year. At 30, Papi Jiang, one of China's most popular internet stars, became the youngest donor on the list, while the average age was 55 years old. 

This year the minimum donation amount was 15 million yuan, up from 12.55 million yuan the previous year. 

Rupert Hoogewerf, the Hurun Report Chairman and Chief Researcher, said, "Generally speaking, entrepreneurs in China are still busy making their money. The Number 100 on the Hurun Rich List has shot up seven times, but the Number 100 of the Hurun Philanthropy List has stayed the same, at $2 million." 

The report also showed that more rich people from private business had made donations abroad. Six entrepreneurs donated 10 million yuan or more overseas. Chen Tianqiao, the mainland's online game pioneer who founded Shanda Games, and his wife Luo Qianqian, donated 800 million yuan to the California Institute of Technology for brain research. Jing Xiandong of the Ant Financial Services Group announced a $5 million donation to strengthen the Carlson School's relationship with China, the largest gift from China in the University of Minnesota's history.

More at ECSN.

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One-child policy helped female billionaires - Rupert Hoogewerf

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China is leading the ranks of female billionaires. Rupert Hoogewerf, chief researcher of the Hurun China Rich List gives a few reasons why women are doing better on his list. One of them is the one-child policy, he tells Caixin.

Caixin:

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, said one reason so many women strike it rich on the Chinese mainland is the traditional family structure. "The one-child policy coupled with traditional child care, whereby grandparents often play a much larger role in bringing up children than in developed countries," has given women more space to pursue their ambitions, he said... 

According to Hoogewerf, one challenge in calculating the wealth of female billionaires is the difficulty in distinguishing between the wealth that belongs to a woman and her husband, especially in the case of women who had co-founded a business with a husband. 

An example of this is Zhou Hongwen, 46, who co-founded Tomorrow Group with Xiao Jianhua. The conglomerate has investments in real estate, insurance, banking, coal, cement and rare earth minerals, and the couple is estimated to be worth $5.5 billion. Although Zhou was instrumental in the company’s early decision to invest in the Inner Mongolia region, its stock exchange filings do not differentiate who owns what, making it difficult to split the couple’s wealth, Hoogewerf said. And the recent disappearance of Xiao from the couple’s apartment in Hong Kong, presumably to help Chinese authorities with an ongoing corruption inquiry, has put Zhou in the spotlight and may affect her fortunes.

Much more in Caixin.

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Fewer people have more wealth - Rupert Hoogewerf

Rupert Hoogewerf

More wealth is concentrated in less hands, and the pace is accelerating, says Rupert Hoogewerf, chief research of the China rich list Hurun after publishing his Hurun Global Rich List, according to the CNBC. And most billionaires are living in China.

CNBC:

The world's billionaires are now worth $8 trillion, greater than the GDPs of Germany and France combined. 

According to the latest Hurun Global Rich List, published by the China-based Hurun Report research unit, there are now 2,257 billionaires in the world — up 3 percent from last year. 

Their combined fortunes jumped 16 percent over 2016, to the equivalent of 11 percent of the world's annual GDP. Their wealth was also larger than every country's individual GDP, other than the U.S. and China. 

"Billionaires are concentrating wealth at a supercharged rate," Rupert Hoogewerf, Hurun Report's chairman and chief researcher, said in a statement. 

Indeed, the number of billionaires has exploded over the past five years, rocketing 55 percent higher. Because much of the world's wealth is hidden or difficult to find, the actual number of billionaires may be closer to 5,000, Hoogewerf said. 

"While some billionaires go to extraordinary lengths to conceal their wealth, for the most part it is that they are discreet and prefer operating under the radar," he said.

More at CNBC.

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Chinese investors shun Trump estates - Rupert Hoogewerf

Rupert Hoogewerf

Trump properties might have gotten some extra glamour after their name-giver became president of the United States. But China's rich have historically shown very little interest in the Trump assets, says Rupert Hoogewerf, chief researcher of the Hurun China Rich List, and it is unlikely it's going to change, he tells the New York Post.

The New York Post:

Like much of the luxury market right now, (New York real estate brokers) Maitland and Karadus’ listing struggled even before Trump stepped into the Oval Office. The unit originally went to market with Town Residential in December 2014 for $10 million. After a price cut to $8.95 million it was delisted in October 2015, then went on and off the market at that price with BHS. It just reappeared for $7.5 million. 

While buyers from China are not out of the question — Maitland says a recent Chinese investor said “no” to other neighborhoods and insisted on “Central Park, Fifth Avenue, Madison Avenue, Trump” — they’re less likely. Rupert Hoogewerf, publisher of Shanghai-based luxury magazine the Hurun Report, which tracks the spending habits of Chinese one-percenters, says the Trump name has historically held little appeal for that market. 

“I’ve talked to a lot of [wealthy Chinese] in the past about property in New York and other cities, and nobody has ever come forward and suggested Trump Tower,” he says. Instead, he notes, “it was always talk about new developments.”

More in the New York Post.

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Beijing beats New York again as billionaire capital of the world - Rupert Hoogewerf

Rupert Hoogewerf

For the second year more billionaires call Beijing their home than New York, says the latest Global Hurun Rich List report. Concentration of capital into a few hands is outpacing the global creation of wealth, says Hurun chairman Rupert Hoogewerf to ECNS.

ECNS:

The new list ranked 2,257 billionaires, up 69 from last year and a growth of 55 percent or 804 over the last five years. 

Total wealth among billionaires increased by 16 percent to $8.0 trillion, equivalent to 10.7 percent of global GDP, and up from 7 percent of global GDP five years ago. 

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said global wealth is being concentrated in the hands of the billionaires at a rate far exceeding global growth.... 

Chinese billionaires led the USA for the second year running, with 609 compared with 552, up 41 and 17 respectively. Hoogewerf said "China and the USA have half the billionaires in the world." 

The combined net worth of Chinese billionaires is $1.6 trillion, 2.1 percent of the global GDP. Real Estate has generated most billionaires (120), followed by Manufacturing and TMT with 115 and 78 respectively, according to the report. 

China is number 1 in the world in terms of generating self-made billionaires akin to "rags to riches" and is home to two-thirds of the world's self-made female billionaires. 

Led by Beijing, 5 Chinese cities made the top 10 cities and 7 the Top 20. Average age is 58, six years younger than the list average. 

Shenzhen surprised many by adding 16 billionaires to propel it into fourth place, just behind Hong Kong. 

A February IPO propelled Wang Wei, 46, of SF Express to third spot, with a five-fold growth in his wealth to $27 billion, just behind Wang Jianlin and Jack Ma. Corporate raider Yao Zhenhua of Baoneng saw the fastest growth on the list, rising almost eight-fold to $15 billion.

More in ECNS.

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Most of China rich did not get a degree - Rupert Hoogewerf

Rupert Hoogewerf

If Bill Gates is a standard, getting an education degree is no measurement for later wealth. The Hurun China Rich list discovered that half of its listed 2,000 rich did not finish with a degree, says chief researcher Rupert Hoogewerf in Global Times. Partly that is caused by the chaotic times during the Cultural Revolution.

Global Times:

The annual Hurun University of Life Rich List 2017, released on Tuesday, shows that half of 2,000 Chinese entrepreneurs with assets of at least 2 billion yuan ($300 million) have no degree. 

Rupert Hoogewerf, chairman and chief researcher of the institute, said that "these people might not succeed in accordance with current social standards; however, they made it and created great enterprises, which taught me that a hero may rise from nowhere." 

The report listed the top 100 heroes, with Zong Qinghou, chairman of Wahaha Group, one of China's biggest beverage producers, ranking first. 

According to Hurun, Zong, 72, from East China's Jiangsu Province, ranked No.41 in the Hurun Global Rich List 2016 and No.5 in the China Rich List 2016 with his wealth of $19 billion. Zong ranked No.1 in the China Rich List in 2012 with wealth of $12.6 billion. 

The report said that Zong started work after graduating from middle school and established Wahaha beverage factory in 1988. Over the past 20 years, he built up his drinks empire and is a deputy of the National People's Congress. 

Also on the list are Chinese tech entrepreneur Jia Yueting, chairman of LeEco, who was born in 1973 in North China's Shanxi Province and became an Internet worker after graduating from a vocational school, and SOHO China Chairman Pan Shiyi, a property tycoon, who was born in 1963 and graduated from a vocational school. 

Compared with those who obtained a degree, the average wealth of the top 100 entrepreneurs without a prominent education background is 24.9 billion yuan, 9.6 billion yuan less than those who went on to further education.

The report said that the average age of the latter is six years older than the former with eight entrepreneurs over 70. However, only one of the top 100 "well-educated" entrepreneurs is over 70. "The heroic entrepreneurs are older and deeply affected by the Cultural Revolution (1966-76)," Hoogewerf said.

More in Global Times.

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Xiao Jianhua: the bag man of the powerful - Rupert Hoogewerf

Rupert Hoogewerf

China´s powerful families use so-called "bag men" to deal with their wealth. The disappeared billionaire Xiao Jianhua was such a bag man, according to China rich list producer Rupert Hoogewerf, including the family or president Xi Jinping to the Financial Times. Finding information on Xiao had been tough.

The Financial Times:

Mr Xiao Jianhua has long had strong connections with the families of Communist party leaders, but he was much more than a bagman by the time he was spirited back to mainland China by Beijing’s agents on the eve of the Chinese lunar New Year. 

Living for the past few years in self-imposed exile at the luxurious Four Seasons hotel and apartment complex in Hong Kong, Mr Xiao had become one of China’s richest men, a multi-billionaire in dollar terms with investments focused on banks and insurance. 

According to the Hurun Report, the young man who began his business career selling personal computers near his old university was worth US$6 billion (S$8.5 billion) by 2016. 

Mr Rupert Hoogewerf, chairman of the Hurun Report, said Mr Xiao had used his knowledge of capital markets and leverage to build a big empire. But, he said, it is extremely difficult to work out his wealth because he has “a myriad highly complex structures”. 

“He’s considered to be extremely intelligent and extremely low-profile,” said Mr Hoogewerf. “Within investor circles, he’s pretty respected because he comes from Peking University so he’s not some hillbilly who’s gone into the business of capital markets.” 

From his Four Seasons vantage point overlooking the busy harbour of Hong Kong, Mr Xiao held court attended by a bevy of female bodyguards, managed his business affairs and represented the government of Antigua and Barbuda.

More in the Financial Times.

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Who is Xiao Jianhua - Rupert Hoogewerf

Rupert Hoogewerf

Billionaire Xiao Jianhua suddenly disappeared this week from Hong Kong, triggering off rumors of him being kidnapped into mainland China. The South China Morning Post says it received confirmation. China´rich list expert Rupert Hoogewerf or Hurun gives in AP some background on this business partner of some of Xi Jinping´s relatives.

AP:

A wide-reaching anti-corruption crackdown led by Chinese President Xi Jinping has snared dozens of executives at state companies. Chinese state media said in 2013 that Xiao controlled nine publicly listed companies and had stakes in more than 30 financial institutions. 

The New York Times reported in 2014 that a company Xiao co-founded paid $2.4 million to buy shares in an investment firm held by Xi's sister and brother-in-law. 

Rupert Hoogewerf, the Hurun Report's publisher, said Xiao holds the reputation of a "maverick visionary" who makes major decisions on his own and has gone to lengths to obscure Tomorrow Group's holdings, which include banks and securities companies. 

"He's one of the kings of capital of China," Hoogewerf said. "There's not many people moving money in the same way."

More in AP.

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China´s rich spend more time on travel - Rupert Hoogewerf

Rupert Hoogewerf

Surveys by the Hurun China Rich List not only show that China´s affluent have spent more money in 2016, but increasingly do to while traveling, says Hurun chairman Rupert Hoogewerf in the Luxury Daily. The number of days per month they travel went up again.

The Luxury Daily:

Purchases made while abroad are seen as part of the travel experience for many Chinese consumers looking for goods unavailable at home or unique to a specific location. 

Hurun found that many affluent Chinese are reserving more days for traveling. 

“Chinese luxury consumers continue to be extremely busy, away on business trips for eight days a month on average, up one day year-over-year,” said Mr. Hoogewerf. “Despite this, they take 10 days for holiday, three more days than last year, whilst the super-rich take five more days than last year to 15 and go abroad 3.4 times a year on average, twice for traveling,” he said.

More in the Luxury Daily.

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Luxury is back on track - Rupert Hoogewerf

Rupert Hoogewerf

Austerity marked the luxury goods industry, triggered off by the anti-corruption drive by president Xi Jinping. But the growth figures are back on track, says Rupert Hoogewerf, based on research by his Hurun China Rich report, released on Thursday, he tells the China Daily. Purchases are back on the 2013 level.

The China Daily:

"There is always an inherent demand. For the past three years, (wealthy) people may not have been quite sure, because they didn't want to be too ostentatious," said Rupert Hoogewerf, founder and chairman of Hurun Report. 

"But now as the picture has cleared, their interest (in luxury) has risen back to the surface," he added. 

Apple, Cartier and Louis Vuitton remain the top three favorite brands among the wealthy, while Samsung for the first time drops out of the favored list. And Alipay, the digital payment tool developed by Alibaba Group Holding Ltd, has for the first time outgrown credit cards to be the most preferred way to go shopping, while cash is the least favored. 

Hoogewerf said he foresees China's luxury industry will reach new peaks over the next five years. 

More than 90 percent of the interviewees adopted a positive attitude toward China's economy over the next two years, saying they were confident or extremely confident about prospects.

More in the China Daily.

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Rich migrate less from China - Rupert Hoogewerf

Rupert Hoogewerf

For years the trend seemed irreversible: China´s rich were leaving the motherland in troves. But in 2017 the trend has reversed, says Hurun China rich list composer Rupert Hoogewerf to the South China Morning Post. This year could be a turning point, Hoogewerf says about the findings in the Hurun Chinese Luxury Consumer Survey 2017.

The South China Morning Post.

The proportion of mainland millionaires who say they won’t emigrate has risen for a third straight year to reach a record high, even as a majority say they would like to move to another country, according to a report on Thursday. 

About 44.5 per cent of mainland millionaires with personal wealth of more than 10 million yuan, are not planning to emigrate, according to Hurun Chinese Luxury Consumer Survey 2017. 

“The year of 2017 could be a turning point,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report. “The proportion of respondents considering emigration is reflecting stronger confidence.” 

Still, almost half of those polled said they are considering emigrating as an option, though the figure is down from about 60 per cent in 2008.

More in the South China Morning Post.

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More rich leave China in 2016 - Rupert Hoogewerf

Rupert Hoogewerf

The trend of China´s rich planning migration to other countries has increased to 60 percent in 2016, according to the latest report by the Hurun Rich list. A weaker currency and fear for a collapsing domestic real estate market are the main reasons, Hurun founder Rupert Hoogewerf tells in the South China Morning Post. The US topped the list, followed by Britain, Canada, Australia and Singapore. 

The South China Morning Post:

About 56 per cent of China’s richest people said they were worried about the continuing depreciation of the yuan, which has fallen about 10 per cent against the US dollar since last summer, according to the “Immigration and the Chinese High-Net-Worth Individuals 2016”, an annual report compiled jointly by the Hurun Reportmagazine and Visas Consulting, and released on Friday. 

The survey was compiled following conversations with 240 wealthy people with average net assets of 27 million yuan between August to October. These people have either emigrated or are planning to do so. 

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, said: “A weakening yuan and concerns about a possible property bubble bust in China’s first-tier cities have made China’s high-net-worth individuals consider overseas investment more seriously.” 

In the five years since 2011, housing prices have soared 205 per cent in Shenzhen and 94 per cent in Shanghai, according to Bloomberg data – far outpacing other cities that had also recorded property price rises, including San Francisco, London and Los Angeles.

There are an estimated 1.34 million rich Chinese with wealth worth 10 million yuan or more. “Sixty per cent of them – 800,000 people – are likely to invest in properties overseas in the coming years,” Hoogewerf said. 

In their choice of emigration and investment destination, the US topped the list, followed by Britain, Canada, Australia and Singapore.

More in the South China Morning Post.

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Guangdong: cradle for rich female entrepreneurs - Rupert Hoogewerf

Rupert Hoogewerf

The Hurun China Rich List has published its annual list of richest Chinese women. Guangdong, says Hurun founder Rupert Hoogewerf in Crienglish, has a special position in creating female wealth. Chen Lihua, 75, founder of Fu Wah International Group tops the list.

Crienglish:

Chen Lihua, 75, founder of Fu Wah International Group, a company engaged in real estate development, has become China's richest woman with a net worth totaling 50.5 billion yuan (US $7.5 billion), according to the report Richest Women in China 2016 released by Hurun Research Institution on Tuesday. 

Chen is followed by Yang Huiyan, the 35-year-old heiress to Country Garden, a property development company based in Guangdong Province. Yang is worth 48.5 billion yuan (US $7.2 billion). 

Zhou Qunfei from Lens Technology, the major touchscreen maker, ranks third on the list with a net worth of 45 billion yuan (US $6.6 billion), shrinking by 10 percent, Qianjiang Evening News reports. 

According to Hurun, only women with a net worth exceeding 8 billion yuan (US $1.2 billion) are eligible to be selected as one of the top 50 richest women in China. Further, 32 out of the 50 newly selected female billionaires started their businesses from scratch. 

Among the top 50 richest women in the world, Chinese female entrepreneurs account for 56 percent. Further, 23 percent of wealthy Chinese women work in real estate, a decline of 2 percent year-on-year; 18 percent of them are involved in finance and investment, followed by manufacturing accounting for 14 percent, as Qianjiang Evening News reported. 

Beijing and Shenzhen are the two most popular cities to live in by those Chinese female entrepreneurs, with 12 of the richest women on the list living in Beijing and 9 in Shenzhen, respectively. Shanghai is the third most popular city, home to 5 of the women that made the list. Only two live outside of the Chinese mainland, one in Hong Kong, the other in the U.S. 

From the perspective of birthplace, most female entrepreneurs are born in south China's Guangdong Province. "Guangdong is not only the cradle of business startups for Chinese female entrepreneurs, but also one for the world's female entrepreneurs," said Rupert Hoogewerf, also known by his Chinese name Hu Run, publisher of the Hurun Report.

More in Crienglish.

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