China ages and its wealthy are looking for new ways to invest their money and secure their future, says a new report by Hurun and Taikang Life insurance. “The aging group expects to lead colorful and relaxed lives, and also to travel extensively after retirement,” Hurun chair Rupert Hoogewerf said to Global Times.
One of the main reasons behind the potential surge in the pension market is the rise in the number of Chinese HNWIs, or individuals with 10 million yuan of personal wealth or more, experts noted.
There were 1.34 million such people of May 2016, up 10.7 percent year-on-year, said the report.
“For Chinese HNWIs, healthcare has surpassed financial investment and ranks first among the topics of concern in 2016,” Rupert Hoogewerf, the chairman of the Hurun Report, said at the press briefing…
According to the report, the proportion of respondents who choose senior living communities after retirement has grown 13 percentage points from 2015 to 28 percent in 2016, while the group opting for retiring at home has contracted 20 percentage points to 57 percent in the same period.
“The aging group expects to lead colorful and relaxed lives, and also to travel extensively after retirement,” Hoogewerf said.
Hoogewerf also noted that moving into senior living communities can not only address their needs, but also reduce pressures on their children who already face social burdens due to the one-child policy.
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