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Mainland rich keep accumulating

SIX in every 10,000 people in Chinese mainland have personal assets worth 10 million yuan (US$1.46 million) or more, according to the Hurun Report today.

The Hurun Report – a monthly magazine best-known for its "China Rich List" – was established by Rupert Hoogewerf, a former Forbes China employee.

Hoogewerf released his first China Rich List in 1999 and established his own luxury business listing company – Hurun Report – in Shanghai in 2003.

This year's report says the mainland has about 825,000 multi-millionaires and at least 51,000 billionaires.

There are about 143,000 multi-millionaires and 8,800 billionaires in Beijing, the most in China. The next highest gathering of rich people live in Guangdong Province followed by Shanghai. Half of the richest people in the country live in these three areas.

The rapid growth of the number of rich people in China manifested itself in the way the Chinese economy has kept a steady pace in recent years, because of surging real estate and stock markets, Hoogewerf said.

Mainland multi-millionaires were an average 39 years of age, four years younger than the average age of the country's billionaires.

Multi-millionaires were mostly entrepreneurs, senior executives, real estate market investors or stock market investors.

Most multi-millionaire entrepreneurs did not have much in cash or security investments but kept their assets mainly in their businesses.

Individuals worth more than 100 million yuan tended to raise money from their companies and profits from real estate and stock investments. They could afford houses and cars worth millions and deal with up-market jewelry shops and private banks.

Compared with a year ago, 50 percent more rich people were enjoying a variety of leisure activities and healthy life styles. They were spending more time in the pool or playing golf, the report said.

About 68 percent of them had regular medical checkups, while 10 percent of them had their own personal doctors. Twenty percent were non-smokers, it added.

Mainland rich people enjoyed 65 percent more holidays than a year ago and 36 percent of them took more than 20 days off - only 19 percent did so last year. The United States was their favorite overseas destination while Yunnan Province and the beach resort city Sanya in southern China's Hainan Province were the most popular for domestic breaks. Mainland rich people also enjoyed shopping in Hong Kong, the report said.


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