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
They’re an interesting bunch, workaholics who only take 7.5 days’ holiday per year and spend eight days a month on business trips, one day more than last year. Collecting expensive watches, for years their favourite hobby, has for the first time been overtaken by accumulating Chinese ink paintings, which takes them into the murky world of Chinese art dealing. As I reported yesterday, 29 per cent of them prefer to send their offspring to a British secondary school, as opposed to the 26 per cent who favour US schools.
When it comes to third level education, 36 per cent want them to study in America, ideally Harvard. They have caught the business aviation bug, with 40 per cent saying they intend to use private jets, but half are happy to time share. That’s a change: usually mainland Chinese have no interest in chartering or part owning their jet, they want it outright. The reason being the whole appeal of private aviation is go anywhere any time and if you have to negotiate with other owners that’s the fun and spontaneity gone. They will find their high-flying ambitions curbed for a few years anyway, by the lack of private jet-friendly airports and ground facilities in China.
Itchy feet
