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Published 02 August 2012 08:16, Updated 02 August 2012 08:18
Yuan and loving it ... China has over one million millionaires and their third favourite holiday destination is Australia.
There’s no doubt China is dripping with nouveau riche.
In Beijing alone there are 179,000 Chinese millionaires, while Guandong and Shanghai boast 167,000 and 140,000 respectively.
Between them, these three titanic Chinese cities are home to a bit more than a third of China’s one million millionaires, according to figures published in the Hurun Wealth Report 2012, the fourth Chinese wealth report published by Hurun Report and GroupM Knowledge.
Not only is China fairly bursting with millionaires, it also has more than a few super-rich residents. In all, there are 63,500 people living in China who fall into this category, which is classified as individuals with more that about $US16 million in wealth.
“Chinese individuals with more than RMB 10 million (equivalent to $US1.6 million) broke through the one million mark for the first time, reaching a record 1,020,000 individuals, an increase of 6.3 per cent over the previous year,” the Hurun Wealth Report 2012 finds.
“Furthermore, China is home to 63,500 super-rich, defined as individuals with RMB 100 million (equivalent to $US16 million), an increase of 5.8 per cent from that of last year. At present, for every 1300 persons in China, there exists one millionaire.
“As of the end of 2010, there were 960,000 millionaires and 60,000 super-rich, whilst the end of 2009 recorded 875,000 millionaires and 55,000 super-rich.”
According to the report, China’s property market has given rise to sizeable portion of the nation’s new wealth and it notes that luxury property prices in Shanghai are up 21 per cent from last year.
Australia, meanwhile, is among the beneficiaries of these million millionaires’ largesse, with Hurun finding that Australia is the third most popular overseas holiday destination for China’s new rich. France took out the top spot, while the US is No. 2.
But if you think these millionaires aren’t doing anything but splash their wealth around, you’d be wrong.
“Although the consumption of luxury goods is still a predominant habit amongst the rich and super-rich, this year saw an increasing number of millionaires begin to pursue a low-key lifestyle,” the report finds.
“Spending on their children’s education continues to increase, with a clear preference towards sending their children abroad. This is accompanied by the rise of emigration out of China and investment in overseas real estate.”
As for where China’s million millionaires and more than 63,000 super-rich individuals live:
|Location||No. of millionaires*||Rank||Increase of individuals (year-on-year)||No. of super rich*||Rank||Increase of individuals (year-on-year)|
*Not including Hong Kong, Taiwan and Macau