For the second year in a row, Australia has ranked third behind France and the US as the most attractive destination for Chinese millionaires to holiday, according to a report by Shanghai-based private wealth researcher Rupert Hoogewerf.
His report also reveals that more than 12 per cent of Chinese millionaires own holiday houses in Australia.
''The Chinese luxury travel market is flourishing and shows promising signs of stable growth, with the number of Chinese outbound tourists set to reach 77 million, a staggering increase of 12 per cent year on year,'' Mr Hoogewerf says.
More than 60 per cent of China's millionaires surveyed in the report named travel as their favourite leisure activity. Travel also accounts for close to a third of the millionaires' average annual spending of $277,000, according to The Chinese Luxury Traveller 2012.
China has recently experienced explosive growth in the number of its millionaires. Mr Hoogewerf, a long-time chronicler of China's emerging riches, estimates that China has at least 7500 yuan billionaires - or those holding at least $150 million in assets.
Mr Hoogewerf says his estimate of the number of known Chinese millionaires is likely to be an under-estimate. He believes that ''for every Chinese billionaire we identify, another two exist under the radar''. If this is correct, it would add another 15,000 people to the ranks of China's yuan billionaires.More in The Sydney Morning Herald
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.