China will not be just known for the Great Wall alone. In fact, we have found another nickname for the second most powerful economy in the world. Well, it is the land of millionaires. If the Hurun Wealth Report is anything to go by, it claims that China has 875,000 millionaires which is a figure more than USD 1.47 million. It is found that there are 1900 number of people in China with the equivalent of EUR 110 billion. This figure is the double of the number reported by the Hurun Wealth Report last year.
This phenomenon reflect a social shifting. There is a hidden class of low-key rich in China who like to keep a low profile. Another interesting thing that the report tells us is that the average age of China’s wealthy is 39 years, which is 15 years youngers than their counterparts in other countries.
The luxury posessions include watches, Chinese classical art and 3 cars on an average. The leisure activities too are bountiful – travel, golf, swimming are habitual. Most of the Chinese millionaires are averse to smoking and drinking. They like their kids to go to a British school for secondary schooling while it is the USA that attracts the university students.
Via luxury-insider
After reading China, Land Of Millionaires: Hurun Wealth Report, I am not surprised at all. I spent 5 weeks in China and fell in love with the people. It is said in China that China is the old, the new and the future. We hear much about China here in the USA and I can tell you it is very slanted. China is much more than what is reported. I tell many young people who are thinking about university and business that they should think strongly about learning Chinese because China will offer great opportunities. I can not wait for the opportunity to go back to China.
So According to the CIA fact-book there are 1,330,141,295 (July 2010 est.) people living in China. The percentage of millionaires is 0.066%
It has increased by about 30% a year over the last few years. These are incredibly interesting facts that show the demographics of China have changed dramatically. It is not surprising to know then that in the economic crisis company’s like Mercedes and Porsche increased sales in China. The average age of the Chinese millionaire is only 39 and I imagine at such an age most of them speak English. These are interesting demographics.