(Source: Hurun Report, 12 April 2011, Shanghai)
Hurun Research Institute today released the GroupM Knowledge - Hurun Wealth Report 2011, detailing the number of millionaires broken down by region across China. This is the third year of the report. China has 960,000 ‘millionaires’ with personal wealth of 10 million Yuan or more (USD 1.5 million), up 85,000 individuals or 9.7% year on year. In 2009, there were 825,000 millionaires, growing last year to 875,000.
Rising property prices and a fast-growing GDP have been the key drivers for the growth in the number of these millionaires. Property prices in 2010 rose across the country by 13.7% according to a government report, with luxury property prices rising even faster.
Where the Chinese Luxury Consumer Lives
No. of millionaires* | % | |
| Beijing | 170,000 | 17.7% |
| Guangdong | 157,000 | 16.4% |
| Shanghai | 132,000 | 13.8% |
| Zhejiang | 126,000 | 13.1% |
| Jiangsu | 68,000 | 7.1% |
| Fujian | 36,000 | 3.8% |
| Shandong | 33,000 | 3.4% |
| Liaoning | 29,000 | 3.0% |
| Sichuan | 24,000 | 2.5% |
| Henan | 16,500 | 1.7% |
| Others | 168,500 | 17.6% |
| Total | 960,000 | 100.0% |
Regional Distribution
Number of Millionaires | ||
| East China | 412,500 | 43.0% |
| North China | 228,000 | 23.8% |
| South China | 166,000 | 17.3% |
| North East | 47,500 | 4.9% |
| West China | 44,400 | 4.6% |
| Central China | 43,500 | 4.5% |
| North West | 18,100 | 1.9% |
| Total | 960,000 | 100.0% |
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.The Chinese millionaire is born in 1972, and today is 39 years, a full fifteen years younger than their Western counterparts.30% of the millionaires are female.
“China’s millionaires are fast becoming sophisticated and aspire towards higher social status” said Rupert Hoogewerf. “Four out of five millionaires, for example, are thinking of sending their children to study overseas, with the US and UK their preferred destinations. The richer they are, the younger they seem to want to send their children overseas.”
60,000 Super Rich
China has 60,000 ‘super rich’ with 100 million Yuan or more, up 9.0% on last year.
Beijing leads the way with 10,000 individuals followed by Guangdong with 9,000 and Shanghai with 7,800.
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.
Hidden Wealth
“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.”
GroupM Knowledge - Hurun Wealth Report 2011
Rich and Super-Rich Broken down by Region
| No. of Millionaires* | Rank | Increase of Indiv. | No. of Super Rich** | Increase of Indiv. | ||
| Total | 960,000 | 85,000 | 60,000 | 5,000 | ||
| Beijing | 170,000 | 1 | 19,000 | 10,000 | 600 | |
| Guangdong | 157,000 | 2 | 12,000 | 9,000 | 800 | |
Shenzhen | 49,300 | 4,300 | 3,300 | 190 | ||
Guangzhou | 53,500 | 3,700 | 4,000 | 140 | ||
Dongguan | 14,600 | na | 840 | na | ||
| Shanghai | 132,000 | 3 | 10,000 | 7,800 | 500 | |
| Zhejiang | 126,000 | 4 | 9,500 | 7,450 | 690 | |
Hangzhou | 51,500 | 4,200 | 2,850 | 260 | ||
Wenzhou | 22,000 | 1,600 | 2,330 | 200 | ||
Ningbo | 14,700 | 1,200 | 950 | 90 | ||
| Jiangsu | 68,000 | 5 | 5,400 | 4,600 | 300 | |
Nanjing | 24,000 | 1,900 | 1,800 | 120 | ||
Suzhou | 16,900 | 1,300 | 990 | 60 | ||
| Fujian | 36,000 | 6 | 2,500 | 2,200 | 100 | |
Fuzhou | 11,000 | 700 | 560 | 20 | ||
Xiamen | 12,200 | 800 | 660 | 20 | ||
| Shandong | 33,000 | 7 | 2,500 | 1,900 | 180 | |
Qingdao | 12,000 | 900 | 620 | 50 | ||
Yantai | 1,700 | na | 110 | na | ||
| Liaoning | 29,000 | 8 | 2,200 | 1,920 | 210 | |
Dalian | 11,900 | 900 | 750 | 60 | ||
Shenyang | 8,340 | 680 | 560 | 50 | ||
| Sichuan | 24,000 | 9 | 1,900 | 1,700 | 180 | |
Chengdu | 14,500 | 1,000 | 800 | 70 | ||
| Henan | 16,500 | 10 | 1,300 | 1,150 | 110 | |
| Tianjin | 16,000 | 11 | 1,500 | 1,180 | 150 | |
| Hebei | 15,500 | 12 | 1,000 | 1,200 | 90 | |
| Shanxi | 14,000 | 13 | 700 | 1,250 | 140 | |
| Hubei | 13,500 | 14 | 1,000 | 1,000 | 100 | |
Wuhan | 4,710 | na | 350 | na | ||
| Hunan | 13,500 | 14 | 1,000 | 760 | 90 | |
| Shaanxi | 13,000 | 16 | 2,000 | 760 | 80 | |
Xi’an | 4,190 | na | 260 | na | ||
| Inner Mongolia | 12,500 | 17 | 2,300 | 790 | 90 | |
| Chongqing | 11,500 | 18 | 1,800 | 730 | 80 | |
| Heilongjiang | 11,000 | 19 | 1,400 | 730 | 60 | |
Harbin | 6,740 | 950 | 410 | 40 | ||
| Jiangxi | 9,000 | 20 | 800 | 760 | 80 | |
| Anhui | 8,500 | 21 | 1,400 | 850 | 90 | |
| Jilin | 7,500 | 22 | 1,200 | 480 | 50 | |
| Yunnan | 5,500 | 23 | 700 | 500 | 70 | |
| Guangxi | 5,000 | 24 | 400 | 370 | 40 | |
| Hainan | 4,000 | 25 | 500 | 160 | 30 | |
| Guizhou | 3,000 | 26 | 300 | 260 | 20 | |
| Xinjiang | 3,000 | 26 | 400 | 240 | 30 | |
| Ningxia | 800 | 28 | 100 | 90 | 10 | |
| Gansu | 700 | 29 | 50 | 80 | 10 | |
| Qinghai | 600 | 30 | 100 | 50 | 10 | |
| Tibet | 400 | 31 | 50 | 40 | 10 |
** Individuals with personal wealth of 100 million Yuan or more
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