Rising number of millionaires
By Pan Xiaoyi |
April 2, 2010, Friday
|
Print Edition
Print Edition
THE number of millionaires on the Chinese mainland rose 6.1 percent to 875,000 last year due to China's strong economic performance and a rebound in asset prices, the latest Hurun Wealth Report said yesterday.
Shanghai came in third in the number of millionaires with 122,000 of them, after Beijing and Guangdong Province, said the report, in which the minimum threshold for inclusion was 10 million yuan (US$1.5 million). The number of rich people in these three cities accounted for 48 percent of the mainland's total, according to the report released by the Hurun Research Institute, which is best known for its China Rich List.
"The rise in the number of millionaires is driven by the increase in property prices, especially for luxury properties, as well as the recovery in the stock market," said Rupert Hoogewerf, founder and chief researcher of the institute.
The global financial crisis last year didn't seem to make a huge dent in China's rapid economic growth, the institute said, citing the country's economic growth of 8.7 percent, a rise of 10.7 percent in home prices and a jump of 80 percent in the Shanghai Composite Index to more than 3,000 points.
The report tracked the private wealth of affluent people in 31 provinces, municipalities and autonomous regions on the Chinese mainland. The report took into account privately-held businesses, principal residences and art collections the millionaires held at the end of 2009.
The average age of China's wealthy is 39 years old, 15 years younger than their counterparts outside China, and their wealth is growing more rapidly. They made their money primarily from the service, property and manufacturing sectors and the stock market. Their rising fortune is spurring an appetite for new luxury diversions for yachts and private jets, the report said.
"China's millionaires are becoming sophisticated in the way they spend their money," Hoogewerf said.
Shanghai came in third in the number of millionaires with 122,000 of them, after Beijing and Guangdong Province, said the report, in which the minimum threshold for inclusion was 10 million yuan (US$1.5 million). The number of rich people in these three cities accounted for 48 percent of the mainland's total, according to the report released by the Hurun Research Institute, which is best known for its China Rich List.
"The rise in the number of millionaires is driven by the increase in property prices, especially for luxury properties, as well as the recovery in the stock market," said Rupert Hoogewerf, founder and chief researcher of the institute.
The global financial crisis last year didn't seem to make a huge dent in China's rapid economic growth, the institute said, citing the country's economic growth of 8.7 percent, a rise of 10.7 percent in home prices and a jump of 80 percent in the Shanghai Composite Index to more than 3,000 points.
The report tracked the private wealth of affluent people in 31 provinces, municipalities and autonomous regions on the Chinese mainland. The report took into account privately-held businesses, principal residences and art collections the millionaires held at the end of 2009.
The average age of China's wealthy is 39 years old, 15 years younger than their counterparts outside China, and their wealth is growing more rapidly. They made their money primarily from the service, property and manufacturing sectors and the stock market. Their rising fortune is spurring an appetite for new luxury diversions for yachts and private jets, the report said.
"China's millionaires are becoming sophisticated in the way they spend their money," Hoogewerf said.
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