The number of millionaires (in US dollars) in Shanghai has been growing fast and the city now counts 80 billionaire, the latest Hurun
report, composed by Rupert Hoogewerf, shows, according to the state media here and here. Real estate continues to contribute greatly to the growth of wealth.
For the first time Hurun published a report focusing on Shanghai only.
The Shanghai Daily:
“Shanghai’s rapid economic development and exploding real estate market has created a situation where 1 in every 175 people in Shanghai are millionaires,” said Rupert Hoogewerf, Hurun’s chairman and chief researcher. “These figures should certainly prick the ears of luxury brands around the world.”
The report estimates that there are 350 yuan-billionaires living in Shanghai today, of whom 109 were on the Hurun Rich List in 2010.
“There is still a great deal of hidden wealth in the Chinese economy,” Hoogewerf said. “We estimate there are 4,000 yuan-billionaires in China, with only a third making the Hurun Rich List.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch.
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