Fewer upbeat on economy outlook
Print Edition
FEWER wealthy Chinese are “extremely confident” about China’s economic prospects in the next two years, a study showed.
Only 27 percent of respondents said they remain “extremely confident” about the prospects of the world’s second-largest economy, down from 35.8 percent in 2014, the Chinese Luxury Consumer Survey released yesterday by the Hurun Report revealed.
The survey, done in the second half of 2015, covered 458 wealthy people with personal assets of over 10 million yuan (US$1.5 million), and 57 who have assets above 100 million yuan. They have average assets of 43.7 million yuan.
The stock market was the most preferred investment channel for high-net-asset individuals amid the market’s good performance in the first half of 2015. Other investment tools such as property and fixed-income wealth management products were also sought after by wealthy people.
The proportion of those who preferred more risky investment channels has fallen sharply to just 1 percent from 8 percent in 2014.
Of those with assets of over 100 million yuan, 41 percent preferred proactive investment — above the 33 percent among wealthy individuals with 10 million yuan in assets.
The top categories for expenses for these wealthy people are travel, luxury goods and education for their children. France, the United States and Maldives are the top-three overseas vacation destinations for them.
The happiness index of Chinese high-net-asset individuals was flat at 8.1 points out of a 10-point scale while the work-related happiness index fell to 7.4 from 7.6 percent in 2014 amid increasing career pressure.
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