Leading Authority on China’s Wealthy finds 1 Millionaire for every 175 People in Shanghai
Shanghai Wealth Report 2011, published by Hurun Report and independent financial adviser Gao Fu
- Shanghai has 132,000 individuals with personal wealth of RMB 10 million
- Shanghai home to 350 renminbi billionaires and 7,800individuals with RMB 100 million.
- Pig feed king Liu Yongxing and property tycoon Xu Rongmao two richest individuals living in Shanghai. Xu is also Shanghai’s most generous philanthropist.
- Three richest local Shanghainese: Eddie Ye Lipei, Liu Yiqian and 38-year old Jason Jiang Nanchun. 30-year old Basketball star Yao Ming youngest local Shanghainese renminbi billionaire.
- Metersbonwe, Shimao and Ctrip are three most valuable brands headquartered in Shanghai.
(12 May 2011, Shanghai) Today, Hurun Report in association with independent financial adviser Gao Fu, released the ‘Shanghai Wealth Report 2011’, a report detailing the number of luxury consumers based in Shanghai.
Shanghai’s millionaire overview
Shanghai has 132,000 ‘millionaires’, individuals with 10 million Yuan or more (equivalent to GBP 950,000/ EUR 1.1 million/ USD 1.5 million), the second largest number of millionaires in China after Beijing. The number of these Shanghai-based luxury consumers is growing by 8.2% year on year. China has 960,000 ‘millionaires’ with personal wealth of 10 million Yuan or more, up 85,000 individuals or 9.7% year on year.
Rising property prices and a fast-growing GDP have been the key drivers for the growth in the number of these millionaire luxury consumers. Property prices in 2010 rose across the country by 13.7% according to a government report, with luxury property prices rising even faster. A report put out by Knight Frank in April this year noted that luxury property prices in Shanghai rose 21% year on year, the fastest in the world.
Size of luxury consumer market in Shanghai
Where the Chinese Luxury Consumer Lives
|
Region |
No. of millionaires* |
% |
1 |
Beijing |
170,000 |
17.7% |
2 |
Guangdong |
157,000 |
16.4% |
3 |
Shanghai |
132,000 |
13.8% |
4 |
Zhejiang |
126,000 |
13.1% |
5 |
Jiangsu |
68,000 |
7.1% |
6 |
Fujian |
36,000 |
3.8% |
7 |
Shandong |
33,000 |
3.4% |
8 |
Liaoning |
29,000 |
3.0% |
9 |
Sichuan |
24,000 |
2.5% |
10 |
Henan |
16,500 |
1.7% |
|
Others |
168,500 |
17.6% |
|
Total |
960,000 |
100.0% |
* Individuals in China with personal wealth of 10 million Yuan
Who are the millionaires?
The Chinese millionaire is born in 1972, and today is 39 years, a full fifteen years younger than their Western counterparts.
Of the 960,000 millionaires, 55% derived their wealth from their private business. 20% are property speculators, who have ridden the fast hike in home prices. 15% are stock market gurus, who are also the youngest with an average age of 38. The remaining 10% are high earning salaried executives.
30% of the millionaires are female.
A rung above
Shanghai has 7,800 super-rich, elite luxury consumers with 100 million Yuan. In total, China has 60,000 super-rich with 100 million Yuan or more, up 9.0% on last year.
The average age of the super-rich is 43 years. These super-rich tend to own three properties, five luxury watches and four cars. There has been a surge of interest in drinking fine wines and collecting art, especially Chinese classical art. This year they are looking to add a holiday home, with Sanya their destination of choice.
The number of millionaires in Shanghai increased by 8.2% over the last twelve months and similarly the number of super-rich has risen 6.8%.
“Shanghai’s rapid economic development and exploding real estate market has created a situation where 1 in every 175 people in Shanghai are millionaires.” says Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, a leading luxury business magazine in China, “These figures should certainly prick the ears of luxury brands around the world.”
Gao Fu Wealth Management CEO Juliet Zhu said, “As a leading financial adviser, Gao Fu Club is well placed to satisfy the increasingly sophisticated needs of Shanghai’s HNWI’s.”
Shanghai’s RMB billionaires
The report estimates that there are 350 RMB billionaires living in Shanghai today, of which 109 are confirmed on the Hurun Rich List 2010. “There is still a great deal of hidden wealth in the Chinese economy," said Rupert Hoogewerf. “We estimate there to be 4000 Renminbi billionaires in China, with only a third making the Hurun Rich List.”
Shanghai’s Top Ten
Rank |
Name |
Wealth US$m |
Company |
Industry |
1 |
Liu Yongxing & family |
5,000 |
East Hope |
Aluminum, Pig feed |
2 |
Xu Rongmao & family |
4,900 |
Shimao |
Property |
3 |
Zhou Chengjian & family |
3,400 |
Metersbonwe |
Textiles |
4 |
Tong Jinquan |
2,900 |
Changfeng Real Estate |
Property |
4 |
Zhang Zhirong |
2,900 |
Hengsheng Holding, Rongsheng Heavy Industry |
Property, Shipbuilding |
6 |
Guo Guangchang |
2,600 |
Fosun |
Diversified |
7 |
Shi Yuzhu & family |
2,200 |
Giant Investments |
Online games, Finance |
7 |
Ye Lipei |
2,200 |
Super Ocean Group |
Property |
9 |
Zhong Shengjian |
1,900 |
Yanlord |
Property, Paper |
10 |
Chen Tianqiao & family |
1,800 |
Shanda |
Online games |
Source: Hurun Rich List 2010, released in October 2010
Sources of wealth
Property and investments were the two largest sources of wealth for the 109 Shanghai residents on the Rich List 2010.
Source of wealth for Shanghai residents on the Hurun Rich List 2010
Industry |
% |
Property |
33.8% |
Manufacturing |
20.6% |
Financial Services |
14.7% |
IT |
9.6% |
Other services |
8.8% |
Healthcare, Mining/ Lumber |
5.1% |
Steel |
2.9% |
Apparels |
2.2% |
Construction, Restaurants, Energy, Retail |
1.5% |
Chemicals, Agriculture, Entertainment, Food and Beverages |
0.7% |
Source: Hurun Research Institute
Philanthropy in Shanghai
The top philanthropists in Shanghai were Xu Rongmao who gave US$18 million followed by Li Xinyan and Ni Yinying who donated US$138 million. Despite these sizeable contributions, no Shanghainese made the Hurun Philanthropy List 2011.
Shanghai’s top philanthropists
Rank |
Name |
Donations (US$ million） |
Causes |
1 |
Xu Rongmao |
17.6 |
Education, disaster relief |
2 |
Li Xinyan & Ni Yinying |
13.8 |
Disaster relief, education |
3 |
Zhou Qingzhi |
3.2 |
Education |
4 |
Chen Tianqiao |
2.3 |
Disaster relief |
Source: Hurun Philanthropy List 2011
Hurun Most Valuable Brands: Shanghai’s Contribution
Shanghai is home to five of China’s most valuable privately-held brands, according to the Hurun Most Valuable Brands 2010. Clothing giant Metersbonwe leads the way, followed by property brand Shimao and Online Travel Operator Ctrip.
Shanghai’s Top Five Private Brands
Brand |
Brand Value
(US$m) |
Brand value as % of market cap |
Industry |
Metersbonwe |
1300 |
35% |
Apparel |
Shimao |
1000 |
15% |
Real Estate |
Ctrip |
970 |
17% |
Internet Services |
Glorious Property |
350 |
10% |
Real Estate |
Dahua |
280 |
12% |
Real Estate |
Source：Hurun Most Valuable Brands 2010
Shanghai Top 100 Richest Individuals
Rank |
Wealth US$m |
Name |
Company |
Industry |
1 |
5,000 |
Liu Yongxing & family |
East Hope |
Aluminium, Pig feed |
2 |
4,900 |
Xu Rongmao & family |
Shimao |
Property |
3 |
3,400 |
Zhou Chengjian & family |
Metersbonwe |
Textiles |
4 |
2,900 |
Tong Jinquan |
Changfeng Real Estate |
Property |
4 |
2,900 |
Zhang Zhirong |
Hengsheng Holding, Rongsheng Heavy Industry |
Property, Shipbuilding |
6 |
2,600 |
Guo Guangchang |
Fosun |
Diversified |
7 |
2,200 |
Shi Yuzhu & family |
Giant Investments |
Online games, Finance |
7 |
2,200 |
Ye Lipei |
Super Ocean Group |
Property |
9 |
1,900 |
Zhong Shengjian |
Yanlord |
Property, Paper |
10 |
1,800 |
Chen Tianqiao & family |
Shanda |
Online games |
11 |
1,500 |
Liu Yiqian |
Sunline Group |
Investments |
11 |
1,500 |
Ni Zhaoxing & family |
Zhongrong Group |
Property, Oil, Gold |
11 |
1,500 |
Li Xinyan & Ni Yinying |
China Longgong |
Infrastructure machinery |
14 |
1,300 |
Dai Zhikang |
Zendai Group |
Property |
14 |
1,300 |
Zhou Qingzhi |
Narada Group |
Investments |
16 |
1,200 |
Yu Guoxiang |
New Hengde Property |
Property |
17 |
1,100 |
Jiang Nanchun |
Focus Media |
Multi-channel advertising |
18 |
1,000 |
Wu Zheng & Yang Lan |
SunMedia Investments |
Investments |
18 |
1,000 |
Zhou Chuanyou |
Zhongjin Investment |
Investments, Property, Mining |
18 |
1,000 |
Liang Xinjun |
Fosun |
Diversified |
18 |
1,000 |
Xu Jiankang |
Powerlong |
Property |
18 |
1,000 |
Yao Yuan & Yao Yong |
My Group |
Property, Pharmaceuticals, Infrastructure |
23 |
810 |
Jin Huiming & family |
Dahua Group |
Property |
24 |
740 |
Chen Rong |
Shanghai Zhonglu Group |
Sports equipment, Bicycles |
24 |
740 |
Jiang Zhaobai & Jiang Lei |
Pengxin Group |
Property, Finance |
24 |
740 |
Li Qinfu |
Nine Dragon Hill |
Textiles, Printing, Property |
24 |
740 |
Pan Wei |
Ajisen Ramen |
Restaurant |
24 |
740 |
Shen Nanpeng |
Sequoia Capital |
Investments |
24 |
740 |
Yu Feng |
Focus Media |
Multi-channel advertising |
30 |
710 |
Xue Weicheng & Xue Weibin (brothers) |
Luolai |
Textiles |
31 |
600 |
Shi Zhengfu |
Tonghua Investment |
Investments |
32 |
590 |
Yan Jianjun |
Zenitek Group |
IT, Paper, Property |
32 |
590 |
Yang Shaopeng |
SITC Maritime Group |
Shipping, Logistics |
32 |
590 |
Zheng Yonggang & family |
Shanshan Group |
Textiles, Mining |
35 |
570 |
Song Bokang & family |
Xinpeng Industrial |
Metal parts |
36 |
560 |
Chen Fucheng |
Songz |
automobile air conditioning |
36 |
560 |
Xu Jinxin & Du Xiaoyan |
Shanghai Zhixin Electric |
Appliances manufacturing |
38 |
530 |
Mi Chunlei |
Zhongying Group |
Property, Coal |
39 |
510 |
Ji Qi |
Home Inn |
Hotels |
39 |
510 |
Wang Zhenhua |
Xincheng Real Estate |
Property |
39 |
510 |
Zhang Wenrong |
Yalong Group |
Cabling, Education, Property |
42 |
490 |
Qiu Guogen & Luo Yi |
Chongyang Investment |
Investments |
43 |
460 |
Wang Weilin & Liu Yajuan |
Nanjiang Group |
Investments |
44 |
440 |
Qian Jianrong |
Chiway Holding Group |
Property, Education |
44 |
440 |
Wang Ayang & family |
Homevalue Group |
Property |
46 |
430 |
Zhou Wen & family |
Pret Composites |
Plastics manufacturing, Auto parts |
47 |
410 |
Shi Jianxiang |
Kuailu Group |
Investments |
48 |
400 |
Fan Wei |
Fosun |
Diversified |
48 |
400 |
Tang Liang |
Ossen Group |
Steel, Property, Investments |
48 |
400 |
Wang Qunbin |
Fosun |
Diversified |
51 |
380 |
Wang Xuning |
Lihongxin Group |
Investments |
52 |
370 |
Cheng Xuegang |
Homevalue Group |
Property, Hotels |
52 |
370 |
Lu Feng |
Wind Info |
Data service |
52 |
370 |
Shen Feiyu |
Merrylin Holding |
Restaurant, Hotels |
52 |
370 |
Wang Shuqing |
Shanghai Forest Manor |
Property |
56 |
350 |
Wang Weixian & family |
SPG Land |
Property |
56 |
350 |
Zhang Shengfei |
Shenghua Cable Group |
Cabling |
58 |
320 |
Lai Zhenyuan |
Longyuan Construction Group |
Construction |
58 |
320 |
Shen Jun |
Eastmoney |
Information system development |
60 |
310 |
Zhou Xin |
E-House China |
Property |
61 |
290 |
Dong Zengping |
Sieyuan Electric |
Electrical equipment |
61 |
290 |
Hou Kangsheng |
Dongyuan Group |
Property |
61 |
290 |
Jin Jianmin & family |
Dahua Group |
Property |
61 |
290 |
Li Shengan & Li Yanyi |
Aijia Group |
Property |
61 |
290 |
Wang Junjin & family |
JuneYao Group |
Airline, Dairy products, Property |
61 |
290 |
Zhang Xingbiao & family |
Xingsheng Group |
Property |
67 |
280 |
Chen Shu’an |
Shangsu Holdings Group |
Plastic pipe, Cabling |
67 |
280 |
Li Hongmei & Family |
Yingde Gases Group Company |
Industrial gases supply |
67 |
280 |
Wen Zehong & Wen Zexin |
Shanghai Morn Electrical |
Cabling |
70 |
260 |
Gao Feng |
Huaye Steel Group |
Steel |
71 |
250 |
Huang Hui |
Sanxiang Holding Group |
Property |
71 |
250 |
Tu Haiming |
Hodoor |
Property |
73 |
240 |
Chen Xinge |
Jinrui Group |
Property |
73 |
240 |
Shen Wen |
Zijiang Holdings |
Package printing, Property |
73 |
240 |
Zhang Youcai |
Sheshan Golf |
Property |
76 |
220 |
Chen Bangdong |
Sieyuan Electric |
Electrical equipment |
76 |
220 |
Chen Jianming |
Sansheng-Hongye Group |
Property, Medicals, Transportation |
76 |
220 |
Lu Weiguang |
Shanghai Anxin Group Development Group |
Flooring |
76 |
220 |
Xu Jiangang & Xu Feijun |
Gangtai Group |
Property, Packaging materials |
80 |
210 |
Li Xia |
Sieyuan Electric |
Electrical equipment |
80 |
210 |
Liu Xiaodan |
AVCON |
Communication services |
80 |
210 |
Wang Zutong & Yang Wenying |
SIM Technology Group |
Wireless Communication |
80 |
210 |
Yang Yonggang |
Yingde Gases Group |
Gases for industrial application supply |
80 |
210 |
Zheng Hongfang |
Hongrun Holding |
Property, Hotels, Construction |
85 |
190 |
Ji Lijun & Zhang Lieyan |
Anoky |
Chemical Industrial, production marketing |
85 |
190 |
Shao Dongming |
Dongding Investment |
Property |
87 |
180 |
Huang Jianrong & family |
Haicheng Supplies |
Investments |
87 |
180 |
Lin Kaiwen |
Kaiquan Group |
Water pumps |
87 |
180 |
Sheng Yunan & Family |
Rongfeng Holding Group |
Property, Investment |
87 |
180 |
Wang Zhenhua |
Hoap Group |
Logistics |
87 |
180 |
Zheng Huasheng |
Feizhou Group |
Property, electricity |
92 |
160 |
Liang Jianzhang |
Ctrip |
Travel services |
92 |
160 |
Yang Jianhua |
Chemspec International Ltd |
Chemical Industrial |
94 |
150 |
Cai Zhiping |
Shanghai Textile Market |
Commercial Property |
94 |
150 |
Guo Yunbin |
Chunda Investment |
Hotel, Investment |
94 |
150 |
Huang Jin |
Anshang Group |
Mining |
94 |
150 |
Lin Zhong |
CIFI Group |
Property |
94 |
150 |
Liu Nan |
Shanghai Bestway Marine Engineering Design |
Ship building |
94 |
150 |
Liu Zhiwei |
Chunda Investment |
Investments, Hotel |
94 |
150 |
Lu Renjun |
Zhezhong Group |
Non-metallic minerals products |
94 |
150 |
Wu Jianguang |
Really Sports |
Sports textiles retail |
94 |
150 |
Xiongxiangdong |
Eastmoney |
Information system development |
94 |
150 |
Yao Ming |
|
Sport |
94 |
150 |
Zhang Ximiao |
Liancheng Group |
Water pumps |
94 |
150 |
Zhao Xiangti |
Yingde Gases Group |
Gases for industrial application supply |
94 |
150 |
Zhou Heping |
Heping Group |
Auto sales |
94 |
150 |
Zhu Hongtao |
Lihong Investments |
Investments |
94 |
150 |
Zhu Yongxing |
Huachen Longdefeng Group |
Property |
94 |
150 |
Zou Wenyu |
Gaoyuan Real Estate |
Property |
Source: Hurun Rich List 2010, published in October 2010. For more information, please see http://www.hurun.net/hurun/listen186.aspx
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