Rich Chinese desperately roaming around in Europe and the Middle East – Mark Schaub

 

London-based China veteran Mark Schaub summarizes in his China Chit-chat newsletter the meetings his law firm had with 24 Ultra High Net Worth Individuals (HNWI) from China over the last three months of 2023. They were checking out opportunities in Europe and the Middle East, partly because their offspring was not really interested in joining their China business. They would look for lessons from their European counterparts but failed because of the differences between Chinese and Europeans, and because the concept of paying for professional legal advice did not yet take root among the Chinese visitors.

Mark Schaub:

All were consigned to or possibly happy to continue to live in China as their primary base. Europe and the Middle East are nice to visit but if you are in your 50s or 60s there is no place like home. Also most had the problem that they felt they had to continue to run the family business. Their children had studied around the world at elite institutions but seem unlikely that many would follow in their parent’s footsteps to run the whole shebang. One takeaway from the recent meeting was that Chinese private companies will need to recruit professional managers to run their family-owned businesses even more than is the case for European or USA counterparts – the kids seem to have little interest in running the family business. In some cases, one child was working in the business in China, but the others were living outside China.

Interestingly, almost everyone we met was highly motivated to do … something! But it seemed that they did not have a network in Europe or the Middle East or even know who to trust or how to go about things.

The greatest single motivation for almost everyone (at least stated) was their children’s future. All had educated their children in an Anglo-Saxon nation (either UK, Australia or USA). USA seemed to be less interesting due to both geo-political concerns but also the possibility of being shot.

It was interesting how multi-billionaires were desperate to get their offspring into an internship with an investment bank. One would think such people would have the network or connections to make this happen with a click of their fingers. You would think so, but you would be wrong.

Much more entertaining observations in the China Chit-chat newsletter.

Mark Schaub is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more experts on China’s outbound investments? Do check out this list.

Rich more optimistic about China's future - Rupert Hoogewerf

Rupert Hoogewerf

China's high-net-worth individuals are more optimistic about the country's economic development compared to last yet, says the Hurun Chinese Luxury Consumers Survey 2018, released on Wednesday, according to the China Daily. Rupert Hoogewerf, founder and chief researcher of Hurun, said that although China's GDP growth rate was 6.9 percent last year, which is slightly up from the 6.5 percent estimated by the central government at the beginning of 2017, it is enough to make a difference.

The China Daily:

The Shanghai-based Hurun Research Institute, which conducted the study, said that only 6 percent of the respondents were pessimistic on prospects, while that number was 9 percent a year ago. 

Rupert Hoogewerf, founder and chief researcher of Hurun, said that although China's GDP growth rate was 6.9 percent last year, which is slightly up from the 6.5 percent estimated by the central government at the beginning of 2017, it is enough to make a difference. 

As a result, 72 percent of the respondents－up from 65 percent last year－expected that China and the United States will run neck and neck in terms of economic development in the next decade. About 37 percent said that China is likely to overtake the US in 10 years, which is up from 28 percent a year ago. 

It is the 14th consecutive year that Hurun has released this list. About 58 percent of the surveyed high-net-worth individuals this year, who have not immigrated yet, expressed no such plans, a historic low since 2011. In addition, overseas investment dropped out from the top five personal investment channels. As explained by Hoogewerf, it reflects the rich individuals diverse interests in the domestic market. 

Liquor band Kweichow Moutai is the only Chinese brand that figures in the top 10 favorite brands for gifting. According to Hoogewerf, wealthy individuals' preference of brands for gifting has consolidated over time, which means that they are extremely loyal to certain brands and will not opt for a substitute easily even if the new products are a hit in the market. 

In terms of recreation and activities, sailing took the second spot among the activities that Chinese high net worth individuals want to try in the next three years, next to equestrianism.

More in the China Daily. Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

Are you looking for more experts on luxury goods at the China Speakers Bureau. Do check out this list.

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China´s ultra-rich prefer experience over goods - Shaun Rein

Shaun Rein

Fast moving changes among China´s ultrarich, business analyst Shaun Rein noted when he recently joined a millionaire on a trip to South Africa. Travel is hot for the rich, sharing their experiences over WeChat. Bling is out, feeling good is in, he tells at CNN.

More at CNN. Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? 

Do get in touch or fill in our speakers´ request form.  Are you interested in more stories by Shaun Rein? Do check out this list.

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China's billionaires double - Rupert Hoogewerf

Rupert Hoogewerf

The number of billionaires in China (in US dollar terms) has doubled over the past two years, Hurun founder Rupert Hoogewerf told The Telegraph. The number of super rich is exploding according the the latest China Rich list. The Telegraph:

The Hurun rich list, which has been tracking China's tycoons since 1999, on Wednesday said it had counted 271 dollar billionaires in China last year, up from 130 in 2009.

China now has the second most billionaires in the world, after the United States with more than 400.

"The numbers are growing much faster than people expected," said Rupert Hoogewerf, the founder of the list, who added there could be the same number of billionaires again who are off his radar, keeping their assets as quiet as possible.

"In the past few weeks, I have also been speaking to a number of people who have cashed out of their first empires and are busy building their second," he said. "Many billionaires are also much more comfortable in their skins. The shareholder structures of their companies are becoming clearer and clearer and many of them are also co-opted into the political system." Mr Hoogewerf said part of the reason for the huge increase in the numbers of super-rich had been a wave of stock market flotations, despite the financial crisis.

More in The Telegraph Rupert Hoogewerf 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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Chinese women top the rich list - Rupert Hoogewerf

Oprah: beaten by Chinese women via Wikipedia

Rich Chinese women are not only leading China's rich list, but worldwide, says Rupert Hoogewerf or Hurun, composer of the Hurun China Rich List today in the Strait Times.

MORE than half of the 20 richest self-made women in the world are Chinese, with their average fortune beating that of US talk show host Oprah Winfrey and author JK Rowling, a list showed on Tuesday.

The three richest women on the planet are Chinese, led by paper-recycling queen Zhang Yin who has a personal fortune of US$5.6 billion (S$7.32 billion), according to the Shanghai-based Hurun Report, which compiles data on wealthy individuals.

Of the 20 richest self-made female billionaires, 11 are Chinese with an average wealth of US$2.6 billion - compared with Winfrey who ranked ninth on the list with US$2.3 billion, the report said....

Mr Hoogewerf partly attributed the success of Chinese women in business to the government's one-child policy and free childcare provided by many grandparents, which has enabled them to spend time building their empires. 'That makes a huge difference,' Mr Hoogewerf told AFP, adding that China's long acceptance of women working outside the home has been another significant factor in their success.

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Hurun Fantake via Flickr

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your conferen
ce or other meeting? Do get in touch.

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