Beijing Bests Five Other Cities In Number Of Newly Rich, With 8,800, In Hurun Report’s Newest List
China Daily writes on the Hurun Report‘s newest list of China’s nouveau riche, tabulating the number of Chinese who have grown wealthy in the last year in six cities — Beijing, Shanghai, Hangzhou, Shenzhen, Chengdu, and Shenyang. This report clarifies its methodology by noting that to be a member of the “nouveau riche” in Beijing, a basic consumption standard of at least 87 million yuan each year (approximately 12.73 million USD), is required (About 51,000 people in China have such consumption capability).
While this type of report can be considered by some to be petty and, in some ways, not terribly enlightening — as everybody already knows China’s wealthy are growing very rapidly — it does shed some valuable light not so much on how much money they have, but rather what they are doing with it, and what it means to them. China Daily gives some more detail on this side of the report:
The report said that Beijing has about 143,000 people with more than 10 million yuan and there are 8800 people with assets over 100 million yuan. The rich in Beijing are eclectic and nostalgic. They yearn for cultivating their mind and going back to nature.
There are 42,300 people with more than 10 million yuan and there are 2280 people with assets over 100 million yuan in Hangzhou. The rich in Zhejiang are very traditional in choice of luxury, but also very confident. Watches, jewelry, and luxury cars are their favorite collections.
Shenzhen has 40,600 people with more than 10 million yuan and there are 2760 people with assets over 100 million yuan million. Rich people in Shenzhen consider that luxury represents a comfortable way of life.
There are 12,200 people with more than 10 million yuan and there are 650 people with assets over 100 million yuan in Chengdu. Sichuan rich are generally more pragmatic and low-key, living a comfortable life.
Shenyang, 6900 people with more than 10 million yuan and 450 people with assets over 100 million yuan. Rich people in Northeast China live a mysterious and low-key life, but generally they are quite bold and generous. Their concept of investment maybe the most conservative: putting money in the bank gives them a sense of security.
Shanghai has 116,000 people with more than 10 million yuan and there are 7000 people with assets over 100 million yuan. Rich people in Shanghai are rational and clear-headed in consumption, and seldom follow the crowd. At the same time, they also know how to enjoy life. They have plenty of long vacations and go abroad frequently. Shanghai nouveau riche spend 7.5 million yuan a year, of which the husband has the largest annual consumption, mainly for the purchase of new vehicles, while 1.5 million yuan goes to charity and collection.
Shanghai nouveau riche’s household consumption includes two houses: a villa in suburbs and a luxurious apartment in downtown. In their house, there are not only collections of luxury porcelain, jade and other antiquities, but also the works of famous painters. With Steinway & Sons piano in the living room and Italian Baccarat crystal lamps hanging in the hall, housing and interior decoration accounts for about half of the nouveau riche’s consumption.
In addition, a rich family in Shanghai enjoys vacations three times a year, including the Spring Festival family trip and holiday travel to Italy and France. The family’s child is around 14 years old, having been sent to study an elite boarding school in the United States and plans to attend university there.
Chic lifestyle of the nouveau riche in China
The men who meet the 2009 Chinese Nouveau Riche Consumption Standard are on average 43 years old. He will usually wear haute couture and a luxury watch. Playing golf at club is his main leisure activity. Sanya and Macao are his frequent travel destinations with his friends. He will also ask three to five friends to tour Kenya and watch the spectacular migration of prairie animals. On holidays, he would carefully pick gifts for his wife, parents and friends.
As for “she” in the nouveau riche group, she is distinguished and elegant, love herself and enjoy life is her philosophy. In order to maintain her beauty, she chooses expensive skin care products such as La Prairie and frequently attends Evian Spa on Three on the Bund. Hot springs in Kyoto and Hakone, as well as shopping in Tokyo with her female friends are on her travel agenda this year. Appreciating several classic musicals and opera is also an important entertainment choice.