2010 Hurun Report provides an insight into the Chinese millionaires

According to the 2010 Hurun Wealth Report, China has 875,000 millionaires, i.e., citizens with more than RMB 10 million (EUR 1.1 million/ USD 1.47 million). The number of people in China with the equivalent of EUR 110 billion is 1900 people, double the number in the 2009 Hurun Rich List. This clearly indicates that there is a hidden class of low-key rich who keep a low profile. The report also suggests that the average age of China’s wealthy is 39 years, nearly 15 years younger than their other counterparts, and the wealth is growing at a rapid pace, the male to female ratio being 7:3. Their luxury possessions include collecting watches (4.4 luxury watches on an average), Chinese classical art, and 3 cars on an average.

Their leisure activities of choice include travel, golf, and swimming, and their habitual trends suggest that one third don’t drink and almost one half don’t smoke. They prefer Great Britain for their children’s secondary schooling and the USA for University. However, what brings relief among the astounding facts is that Philanthropy is an established outlet for China’s rich, with education, disaster relief, and social welfare projects having the concentration of major donations. The report indicates that China’s millionaires are becoming increasingly sophisticated in how they spend their money and at a remarkable pace.

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