The new class of Chinese rich has been so busy in making money over the past five to ten years, they had no time to develop a lifestyle, like the wealthy in Europe and the US could do, says Hurun CEO Rupert Hoogewerf in an interview with The Telegraph. The Hurun report documents for more than a decade the development of China’s rich.
Rupert Hoogewerf about his wealthy subject:
They have gone through this tremendous growth period, and all of them have got rich at the same time. But the thing to remember is that they have been working very hard, and developing the country, so they haven’t had much time to focus on their lifestyle. Over the past five years on average, and longer in cities like Beijing, Shanghai, Hangzhou and Guangzhou, there’s been a new urge to concentrate on lifestyle, led by the luxury property developers. But compared to their Western counterparts they are still a long way away.
China’s wealthy tend to spend their money on collectibles, good that retain their value like big cars, like Mercedes Benz, Audi or BMW, watches and real estate.
They are not as silly as their Russian counterparts. They don’t sit in quite as much cash. The yachting lifestyle is absolutely in its infancy. The only places are Qingdao, Dalian and Xiamen and outside Macau in the south. We have no knowledge of a mega yacht yet.