Where does the wealth come from? According to the report, more than half of China’s millionaires (55%) have acquired their wealth through private businesses; 20% are property developers; 15% are stock market speculators; while the remaining 10% are company executives.And it is only a faction of the real wealth:
The profile of the Chinese millionaire also varies to their Western counterpart. With an average age of 39 years, they are 15 years younger than Western millionaires. And one-third are women.
Meanwhile, the super-rich, whose average age is slightly higher at 43 years, are the owners of three properties, five luxury watches and four cars.
As for their choice of residence, the majority of China’s millionaires (170,000) reside in the capital Beijing, followed by Guangdong, the country’s most populous province, and then Shanghai.
Rupert Hoogewerf, chairman and researcher of the Hurun Report, said: “There is still a great deal of hidden wealth in the Chinese economy. We estimate there to be 4,000 renminbi billionaires in China with only a third making the Hurun Rich List.”Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch.