China´s rich are changing the country´s agenda as the aging population focuses on health care and pensions, in the past often taboo subjects, says Hurun chairman Rupert Hoogewerf to FinNews Asia, after his research institute released another report. As the number of rich increase, so does they influence on the economy.
Every wealth segment in China showed double-digit growth, flouting an economic slowdown, thanks to a surge in property prices in major Chinese cities, according to the latest «Hurun» Report.
China’s high-net worth individuals, or those with more than 10 million yuan, grew by 10.7 percent on the year, or roughly 1.34 million people in total…
A shift in personal interests reflect the fact that China also faces an aging demographic: healthcare displaced finance and investing as the top concern for wealthy Chinese. Sports was second, and the wealthy also expressed an interest in tourism and traveling as well as current events and news.
As a result, China’s rich are taking an increasing interest in their old age and providing financially for themselves: nearly all of them – 95 percent – believe that social security won’t meet their needs, and have taken out commercial insurance in order to maintain a lush retirement lifestyle.
«Social stigmas of retirement are also gradually shifting, such that Chinese high-net worth individuals are willing to discuss the topic, especially with the recent health ‘craze’», Hurun chairman Rupert Hoogewerf said.
Increasing numbers of Chinese, especially women, are spurning traditional skinny images for more toned and beefed-up fitness looks, an indication that views on healthcare are changing.
Are you interested in more stories by Rupert Hoogwerf? Do check out this list