Most rich Chinese are living in Beijing, Rupert Hoogewerf – better known as Hurun – tells the Global Times, based on his latest report on the countries millionaires. Number is China’s other hot spots, like Shanghai and Guangdong are growing, but lagging compared to Beijing.
According to the report released last week, the total number of millionaires in China has risen to 875,000, a 6.1 percent increase from last year.
Of that number, Beijing can now boast 143,000 millionaires, compared to 116,000 in Shanghai and 42,000 in Guangzhou. Individuals with assets of at least 10 million yuan ($1.46 million) qualify as a millionaire on Hurun’s list.
Most of their expenditure goes into real estate, says the report.
The Global Times:
According to the report’s classification guidelines, the “average” millionaire in China is male, in his mid-40s, married and has a teenage child. Typical millionaire purchase are said to include luxury watches, cars and travel to expensive locales around the world, with an annual spending rate of approximately 5.8 million yuan ($850,000).