One Person in Every 1700 in China has at least 10 Million Yuan
Leading Authority on China's Wealthy Counts 825,000 ‘Millionaires’ with
Beijing Home to Most April 14 2009, Shanghai
China has 825,000 individuals with personal wealth of more than 10 million yuan
(GBP 1 million or USD 1.46 million) and 51,000 individuals with more than 100
million yuan, according to the Hurun 2009 Wealth Report.
One person in every 1700 in China has wealth of 10 million yuan. One person in
every 25,000 has wealth of 100 million yuan.
Beijing, Guangdong and Shanghai are home to the lion’s share of the rich,
accounting for 48% of millionaires in Mainland China. Beijing tops the list with
143,000 individuals with more than 10 million yuan and 8,800 individuals with
more than 100 million yuan. Second is Guangdong Province with 137,000, followed
by Shanghai with 116,000 and Zhejiang Province with 110,500 millionaires.
“The Hurun Wealth Report shows the increased importance of China’s second- and
third-tier cities for brands looking to tap China’s high-end consumers,” says
Rupert Hoogewerf, founder and publisher of Hurun Report, a leading luxury
business magazine in China. “With this growth in wealth comes a surge in
self-confidence driving China’s wealthy to continue to spend, despite the
economic crisis.”
Underlying confidence
The Shanghai Stock Index will rise to 2700 points by the end of the year and
property prices will pick up again in 2010, according to an accompanying Hurun
Report survey of 67 Chinese millionaires carried out in February 2009. 82% felt
their lifestyle had been unaffected by the current financial crisis.
Compared with six months previously, 30% had increased their cash deposits, 12%
their investments in gold, while 54% had decreased their equity exposure.
| Individuals with 10m Yuan Broken down by Region | Individuals with 100m Yuan Broken down by Region | ||||||||
| Geographic region | No. of Indiv. | % | No. of Indiv. /10,000 population* | Geographic region | No. of Indiv. | % | No. of Indiv. /100,000 population* | ||
| 1 | Beijing | 143,000 | 17.4 | 88 | 1 | Beijing | 8,800 | 17.3 | 54 |
| 2 | Guangdong | 137,000 | 16.6 | 14 | 2 | Guangdong | 7,800 | 15.2 | 8 |
| 3 | Shanghai | 116,000 | 14.1 | 62 | 3 | Shanghai | 7,000 | 13.7 | 38 |
| 4 | Zhejiang | 110,500 | 13.4 | 22 | 4 | Zhejiang | 6,300 | 12.5 | 12 |
| 5 | Jiangsu | 59,500 | 7.2 | 8 | 5 | Jiangsu | 3,900 | 7.6 | 5 |
| 6 | Fujian | 31,200 | 3.8 | 9 | 6 | Fujian | 1,960 | 3.8 | 5 |
| 7 | Shandong | 27,900 | 3.4 | 3 | 7 | Shandong | 1,540 | 3 | 2 |
| 8 | Liaoning | 25,700 | 3.1 | 6 | 8 | Liaoning | 1,530 | 3 | 4 |
| 9 | Sichuan | 21,200 | 2.6 | 3 | 9 | Sichuan | 1,350 | 2.6 | 2 |
| 10 | Henan | 14,200 | 1.7 | 2 | 10 | Shanxi | 1,050 | 2.1 | 3 |
| Other areas | 138,800 | 16.7 | 2 | Other areas | 9,770 | 19.2 | 1 | ||
| Total | 825,000 | 100 | 6 | Total | 51,000 | 100 | 4 | ||
* Source: 2007 National Bureau of Statistics
Methodology
The Hurun 2009 Wealth Report is designed to identify the number of individuals
in Mainland China with personal wealth of more than 10 million yuan and
individuals with more than 100 million yuan, broken down – for the first time
ever – across the country by region. Unlike other wealth reports, the Hurun 2009
Wealth Report takes into account all private wealth, including privately-held
businesses and the private residence.
The Hurun Research Institute carried out the research using both a ‘bottoms-up’
and ‘top-down’ approach. For the ‘bottoms-up’ approach, the Institute looked at
the number of key investment and spending indicators of Mainland Chinese. These
included the number of individual properties by region worth 5 million yuan and
10 million yuan, the number of luxury cars purchased in the last three years
costing 500,000 yuan or more, the number of high bracket income tax payers,
company registered capital, etc… For the ‘top-down’ approach, the Institute
applied the Gini coefficient measuring income distribution to the 2008 China GDP
and 2007 China GNP.
Hurun Report would like to thank the many people involved who made this report
possible including Soufun.com, China’s leading real estate portal, and Serenity
Coast, a luxury property development in Sanya, Hainan.
Defining these people
The average Chinese with personal wealth of 10 million yuan is born in 1970 and
is 39 years old today.
The average Chinese with personal wealth of 100 million yuan is born in 1966 and
is 43 years old today.
Lifestyle of Chinese millionaires
The top three hobbies of China’s wealthy are travel, swimming and golf,
according to the Hurun 2009 Best of the Best Survey. Internationally, their
preferred travel destinations are the US, Australia and France, whilst
domestically it is Yunnan, Sanya and Hong Kong. They are spending 50% more time
on leisure travel, whilst a third now take more than twenty days holiday a year.
At the same time, they are also substantially busier, spending 20% more on the
road for business compared with a year ago.
The preferred brands of China’s richest are Louis Vuitton, BMW and Mercedes
Benz. Other major award winners included Cartier for Best Jewelry and Patek
Philippe for Best Luxury Watch. Despite the credit crunch, the Rolls-Royce
Phantom continued to set the standard for super luxury cars and China Merchants
Bank for Best Onshore Personal Bank. Best Luxury Drinks Brand was Royal Salute.
The Hurun 2009 Best of the Best Awards is based on a survey carried out between
May and November 2008 of 345 Mainland Chinese consumers with personal wealth of
at least 10 million yuan. “The survey is unquestionably the largest and most
authorative survey of China’s affluent today,” said Hurun Report founder and
publisher, Rupert Hoogewerf.
For further information on the Hurun Best of the Best Survey, refer to
http://www.hurun.net/bestofbest2009en.aspx.
China’s Rich and Super-Rich Broken down by Region
| High Net Worth Indiv. with 10m yuan | Ultra High Net Worth Indiv. with 100m yuan | |||||
| Area* | Rank | No. of Indiv. | No. of Indiv. /10,000 population** | Rank | No. of Indiv. | No. of Indiv. /100,000 population** |
| Beijing | 1 | 143,000 | 88 | 1 | 8,800 | 54 |
| Guangdong | 2 | 137,000 | 14 | 2 | 7,800 | 8 |
| Guangzhou | 43,800 | 44 | 3,300 | 33 | ||
| Shenzhen | 40,600 | 47 | 2,760 | 32 | ||
| Shanghai | 3 | 116,000 | 62 | 3 | 7,000 | 38 |
| Zhejiang | 4 | 110,500 | 22 | 4 | 6,300 | 12 |
| Hangzhou | 42,300 | 54 | 2,280 | 29 | ||
| Wenzhou | 18,200 | 24 | 1,880 | 25 | ||
| Ningbo | 12,000 | 21 | 760 | 13 | ||
| Jiangsu | 5 | 59,500 | 8 | 5 | 3,900 | 5 |
| Nanjing | 19,700 | 27 | 1,470 | 20 | ||
| Suzhou | 13,900 | 22 | 820 | 13 | ||
| Fujian | 6 | 31,200 | 9 | 6 | 1,960 | 5 |
| Xiamen | 10,000 | 41 | 550 | 23 | ||
| Fuzhou | 9,000 | 13 | 470 | 7 | ||
| Shandong | 7 | 27,900 | 3 | 7 | 1,540 | 2 |
|
Qingdao | 9,600 | 13 | 480 | 6 | ||
| Liaoning | 8 | 25,700 | 6 | 8 | 1,530 | 4 |
| Dalian | 9,900 | 16 | 620 | 10 | ||
| Shenyang | 6,900 | 10 | 450 | 6 | ||
| Sichuan | 9 | 21,200 | 3 | 9 | 1,350 | 2 |
|
Chengdu | 12,200 | 11 | 650 | 6 | ||
| Henan | 10 | 14,200 | 2 | 12 | 950 | 1 |
| Hebei | 11 | 13,700 | 2 | 11 | 1,020 | 1 |
| Tianjin | 12 | 13,100 | 12 | 13 | 900 | 8 |
| Shanxi | 13 | 12,800 | 4 | 10 | 1,050 | 3 |
| Hubei | 14 | 11,500 | 2 | 14 | 800 | 1 |
| Hunan | 14 | 11,500 | 2 | 20 | 600 | 1 |
| Shaanxi | 16 | 10,200 | 3 | 16 | 610 | 2 |
| Inner Mongolia | 17 | 9,200 | 4 | 16 | 610 | 3 |
| Heilongjiang | 18 | 9,000 | 2 | 16 | 610 | 2 |
|
Harbin | 5,100 | 5 | 320 | 3 | ||
| Chongqing | 19 | 8,900 | 3 | 21 | 570 | 2 |
| Jiangxi | 20 | 7,800 | 2 | 16 | 610 | 1 |
| Anhui | 21 | 6,700 | 1 | 15 | 680 | 1 |
| Jilin | 22 | 5,900 | 2 | 22 | 390 | 1 |
| Yunnan | 23 | 4,500 | 1 | 22 | 390 | 1 |
| Guangxi | 24 | 4,200 | 1 | 24 | 290 | 1 |
| Hainan | 25 | 2,900 | 3 | 27 | 120 | 1 |
| Guizhou | 26 | 2,500 | 1 | 25 | 220 | 1 |
| Xinjiang | 26 | 2,500 | 1 | 26 | 200 | 1 |
| Ningxia | 28 | 600 | 1 | 28 | 70 | 1 |
| Gansu | 28 | 600 | 0 | 29 | 60 | 0 |
| Qinghai | 30 | 400 | 1 | 30 | 40 | 1 |
| Tibet | 31 | 300 | 1 | 31 | 30 | 1 |
| Total | 825,000 | 6 | 51,000 | 4 | ||
* Excludes Hong Kong, Taiwan and Macao
** Source: 2007 National Bureau of Statistics
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For further details, please refer to
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