Tag Archives: spending

New Report Tallies Up China’s Super-Rich

Millions Of Mainlanders Willing, Able To Spend On Travel, Luxury

Hong Hao, Money Front, 2005 © Hong Hao

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.”

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