The Hurun Report surveyed 393 Mainland Chinese ‘millionaires’, defined as individuals with a personal wealth of RMB10 million (HK$12.7 million). They do this each year and it gives an interesting insight into what those with often newly-acquired wealth actually do.
These included 69 super-loaded individuals with wealth of RMB100 million. Their average age is 38 years (39 among the super-rich band) and the ratio of men to women is 6:4. Respondents were from 23 first and second tier cities. Hurun has been doing this for a decade now, so they have built up a solid bank of data.
First revelation is that China’s super rich tightened their belts last year, relatively speaking. They spent 15 per cent less than the previous year, though probably not as a result of Mr Xi’s austerity measures, because hopefully they are not also working as Government officials. Nevertheless, maybe their selfish genes were kicking in because their spending on gift giving was down a dramatic 25 per cent.
Workaholics