Chinese millionaires get their first million together on average when they are 39 years old, 15 years earlier than their US counterparts, writes Forbes, based on the latest Hurun-report, produced by Rupert Hoogewerf. China has around 960.000 millionaires.
The Hurun Report is a luxury publishing and events company targeted China’s high net work consumers. The income is based on China yuan income of at least 10 million, which makes them millionaires in US dollar terms. China’s millionaire population has grown 9.7% from 2010 levels.
The actual number of Chinese yuan-denominated millionaires is actually much higher. Hurun only considers those making over 10 million yuan.
Most of China’s wealthy live in the capital city of Beijing, home to 170,000 millionaires or 17.7% of the total millionaire population. Port cities Guangdong and Shanghai make up the top two and three positions with 16.4% and 13.8%, respectively.
- Shanghai rich get their capital from real estate – Rupert Hoogewerf (chinaspeakersbureau.info)
- Property remains a major wealth creator – Rupert Hoogewerf (chinaherald.net)
- China’s Next Port of Call: Luxury Yachts (businessweek.com)
- China’s richest man lives frugal lifestyle (financialpost.com)