On average half of China’s millionaires spend at least one million Renminbi (150,000 US dollar or 100,000 euro), says the latest Hurun report according to Chinese media, composed by Rupert Hoogewerf. That is 11 percent more compared to last year.
Real estate is still the major investment choice of a third of the rich group, despite stricter policies on house buying.
Stocks come second, with 25 percent choosing them compared to 33 percent three years ago.
Meanwhile, many millionaires are choosing to invest in art and unlisted companies – two rapidly growing sectors – according to the report.
The rich also like to spend on watches, diamonds, wine, luxury cars, travel, children’s education and entertainment.
More than 50 percent of parents are sending their children to schools in the United States and Britain. Canada ranked third, followed by Switzerland.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. When you need him at your meeting or conference, do get in touch.