China has 60,000 billionaires — How super rich live in China — Conspicuous Consumption

Chinese Luxury Consumer White Paper 2012

More than 50 percent of assets owned by wealthy Chinese stay in the form of currency and deposits, which means they are in dire need of finance management, Yanzhao Metropolis Daily reported on Friday.

The Chinese Luxury Consumer White Paper 2012 said there are 2.7 million high net worth individuals in China, with personal assets of more than 6 million yuan ($950,000)and the average age is 39 years old. Among them, 63,500 were ultra-high net worth individuals with assets of more than 100 million yuan and had an average age of 41.

Most of them are business owners, real estate speculators, professional investors and well-paid professionals. The capital Beijing has the biggest number of rich people.

The report also said China’s wealthy people require financing suggestions and products in the face of the unstable global economic situation.

****************************************

How super rich live in China

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. In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily. The report also sheds light on how […]

.

Aug 26, 2009 | By Anakin

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.

In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily.

The report also sheds light on how the super-rich in Beijing want to live their lives.

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

Found out more @ chinadaily.com.cn

http://www.luxuo.com/the-lux-list/super-rich/china-beijing-multimillionaires.html

Advertisements

Tags: , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: