The number of Chinese millionaires has increased in one year time by almost 10 percent, to 960,000. The number of super rich, those have over US§15 million in assets, went up 9 percent to 60,000, according to the latest Hurun Report, produced by Rupert Hoogewerf.
Where does the wealth come from? According to the report, more than half of China’s millionaires (55%) have acquired their wealth through private businesses; 20% are property developers; 15% are stock market speculators; while the remaining 10% are company executives.
The profile of the Chinese millionaire also varies to their Western counterpart. With an average age of 39 years, they are 15 years younger than Western millionaires. And one-third are women.
Meanwhile, the super-rich, whose average age is slightly higher at 43 years, are the owners of three properties, five luxury watches and four cars.
As for their choice of residence, the majority of China’s millionaires (170,000) reside in the capital Beijing, followed by Guangdong, the country’s most populous province, and then Shanghai.
And it is only a faction of the real wealth:
Rupert Hoogewerf, chairman and researcher of the Hurun Report, said: “There is still a great deal of hidden wealth in the Chinese economy. We estimate there to be 4,000 renminbi billionaires in China with only a third making the Hurun Rich List.”