Saturday, August 31, 2013

Chinese Millionaires' Trends

According to the survey recently released by the Hurun Research Institute and consultancy GroupM Knowledge, China’s millionaires increased last year at their slowest rate in five years. The number of millionaires – defined as those with personal wealth of at least 10 million yuan – rose just 3% year on year to 1.05 million, and the number of “super-rich” Chinese – with personal wealth of at least 100 million yuan – went up only 2% to 64,500. 

The slowdown came as growth in China slipped to 7.8% last year. Stock market sluggishness also contributed to the slower growth of the wealthy population, with the Shanghai exchange’s benchmark index gaining only 3.17% last year.

According to this survey, only 25% of Chinese millionaires were “very confident” about the domestic economy in the coming two years, down from 28% in 2011 and nearly 50% of those questioned in 2010.

Beijing has the highest number of millionaires with 184,000, or 17.5% of total, the survey said, ahead of the financial hub Shanghai on 147,000.

About 15% – 160,000 – of Chinese millionaires named stock investments as their main source of wealth, down 5% from 2011. Real estate remained Chinese millionaires’ top investment choice, despite government regulations aimed at cooling the market, the survey said, but they had a growing tendency to seek such investments overseas.

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