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China boasts the youngest affluent class
By Zhang Fengming |
September 21, 2011, Wednesday
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Print Edition
Print Edition
THE Chinese mainland's growing crop of wealthy people are the youngest in Asia, excluding Japan, a survey by HSBC showed yesterday.
The average age of people with liquid assets of at least 500,000 yuan (US$78,000) is 36 on the Chinese mainland, compared with 48 in Hong Kong and 38 in Indonesia, HSBC said yesterday, citing a survey of 4,400 individuals in eight markets, including Australia, India, Malaysia, Singapore and Taiwan.
Vanessa Chan, head of wealth management at HSBC Bank (China), said: "The affluent on the mainland are accumulating their wealth rapidly amid the country's rising economy. It is the first time the average liquid assets of affluent mainland people has surpassed 1 million yuan."
Nearly a fifth of the mainland's affluent are double-income couples with no children, while another 20 percent are single, said HSBC.
The average age of people with liquid assets of at least 500,000 yuan (US$78,000) is 36 on the Chinese mainland, compared with 48 in Hong Kong and 38 in Indonesia, HSBC said yesterday, citing a survey of 4,400 individuals in eight markets, including Australia, India, Malaysia, Singapore and Taiwan.
Vanessa Chan, head of wealth management at HSBC Bank (China), said: "The affluent on the mainland are accumulating their wealth rapidly amid the country's rising economy. It is the first time the average liquid assets of affluent mainland people has surpassed 1 million yuan."
Nearly a fifth of the mainland's affluent are double-income couples with no children, while another 20 percent are single, said HSBC.
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