China’s millionaires have discovered luxury cars as a favorite hobby, and own on average three cars per family. Hurun Rich List founder Rupert Hoogewerf got the figures together in his latest Hurun Report, he tells AFP.
“The luxury car market has just not stopped. Two years ago, it completely took everyone by surprise,” said Rupert Hoogewerf, founder of a China-based publisher of luxury magazines which compiles an annual rich list.
His Hurun Report estimates that China’s 2.8 millionaires in dollar terms own an average of three cars per family, typically a business and personal car for the chief earner and another for the spouse.
The 64,000 super-rich in China, individuals with wealth of $16 million, own four vehicles on average, with at least one chauffeur-driven for a display of stature and convenience given China’s urban traffic jams, the report said.
Why are the Chinese leaving China, asked the China Weekly Hangout on 20 September 2012 lawyer Li Meixian, blogger Isaac Mao and business professor Richard Brubaker. Moderation by president of the China Speakers Bureau, Fons Tuinstra