Beijing Bests Five Other Cities In Number Of Newly Rich, With 8,800, In Hurun Report’s Newest List
Hurun's Report on the Nouveau Riche took many cultural and geographic factors into account
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:
Millions Of Mainlanders Willing, Able To Spend On Travel, Luxury
Hong Hao, Money Front, 2005 © Hong Hao
The Shanghai Daily has a story today findings by the Hurun Report (a sort of Chinese Robb Report) on the growing number of millionaires in China, noting that the most recent tally has exceeded the expectations of some China watchers:
The mainland is home to about 825,000 people who are worth more than 10 million yuan (US $1.5 million) and at least 51,000 who are worth more than 100 million yuan, the Hurun Report said, the first time it calculated those figures.
The number of China’s super-rich “is beyond my expectation, and probably that of most of foreign people,” said Hurun Chairman Rupert Hoogewerf. “The rapid growth of the number of rich people in China manifested itself in the way the Chinese economy has kept a steady pace in recent years, because of surging real estate and stock markets.”
Posted in Business, China, Economy, Investment, Luxury
Tagged China, hurun report, Investment, Luxury, millionaires, robb report, shanghai, shanghai daily, spending, wealth