Most of China’s wealthy prefer to live in Beijing, says the latest Hurun report on the country’s rich, composed by Rupert Hoogewerf. in a report by the China Daily. The capital city has 143,000 multimillionaires and 8,800 billionaires, compared to 116,000 multimillionaires and 7,000 billionaires in Shanghai.
From the China Daily:
They own 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.
Most of them prefer investing in arts and they are willing to spend as much as 50,000 yuan for a year of piano classes, said the report.
The story has a wealth of details about the lifestyle of the Chinese rich. Rupert Hoogewerf sees that his group has become more complex in the way they look at each other:
“During the past several years, the complexion of the rich in China has changed in many aspects,” said Rupert Hoogewerf, founder and publisher of the Hurun Report. “Many of them say they want to be a sort of upper class, rather than only being rich.”