What China’s wealthy really want
Expensive cars and watches, foreign holidays and a slow but increasing love for yachts are some of the things that mark the consumption patterns of China’s wealthiest, a new report has said. Sutirtho Patranobis reports.world Updated: Mar 29, 2012 23:32 IST
Expensive cars and watches, foreign holidays and a slow but increasing love for yachts are some of the things that mark the consumption patterns of China’s wealthiest, a new report has said.
The rich in the country are also opting for the best healthcare available and sending their children abroad for studies.
The report said that sampling tea and playing golf or swimming are among the favourite ways that the rich in China like to agreeably pass their leisure; red wine’s the favourite drink.
The study was published earlier this week by Hurun Report, a Shanghai-based publishing house and research institute and the Industrial Bank, a lending bank. Titled ‘The Chinese Luxury Consumer White Paper 2012’, it tracked recent consumer habits of “high-net-worth individuals” (HNWI) in China. Hurun Report and Industrial Bank interviewed dozens of private banking clients and also surveyed HNWIs in 29 cities from October 2011 to January 2012. The report also analysed the consumptions of “ultra high-net-worth individuals” (UHNWI).
While HNWI were defined as individuals with personal assets worth more than 6 million RMB (or R49.8 million), UHNWI were those who had assets worth more than 100 million RMB (R830 million).
According to the report, there are 2.7 million HNWI and around 63500 UHNWI in China at present. ON an average, the two categories own three cars and four-to-six watches. Beijing accounted for more 4.60 lakh HNWI and around 10500 from the richer category.
Both categories like to collect things: watches, classical paintings and Chinese calligraphy.
Most of those surveyed made their riches from company ownership and investment returns.
Among those who were religious in the two categories, Buddhism emerged as their choice of religion.