Chinese Millionaires Younger Than US Millionaires, Report Says


I like this.


An eternal optimist, Liu-Yue built two social enterprises to help make the world a better place. Liu-Yue co-founded Oxstones Investment Club a searchable content platform and business tools for knowledge sharing and financial education. also provides investors with direct access to U.S. commercial real estate opportunities and other alternative investments. In addition, Liu-Yue also co-founded Cute Brands a cause-oriented character brand management and brand licensing company that creates social awareness on global issues and societal challenges through character creations. Prior to his entrepreneurial endeavors, Liu-Yue worked as an Executive Associate at M&T Bank in the Structured Real Estate Finance Group where he worked with senior management on multiple bank-wide risk management projects. He also had a dual role as a commercial banker advising UHNWIs and family offices on investments, credit, and banking needs while focused on residential CRE, infrastructure development, and affordable housing projects. Prior to M&T, he held a number of positions in Latin American equities and bonds investment groups at SBC Warburg Dillon Read (Swiss Bank), OFFITBANK (the wealth management division of Wachovia Bank), and in small cap equities at Steinberg Priest Capital Management (family office). Liu-Yue has an MBA specializing in investment management and strategy from Georgetown University and a Bachelor of Science in Finance and Marketing from Stern School of Business at NYU. He also completed graduate studies in international management at the University of Oxford, Trinity College.

From Forbes Blog,

Chinese millionaires are younger than their American counterparts, and most of them derive their wealth from private enterprise not Chinese state companies, the popular Hurun Report said recently.

According Hurun, the average Chinese millionaire is 39 years old, a full 15 years younger than your average millionaire in the US. There’s around 960,000 millionaires in China, a land of 1.4 billion inhabitants. And while China is a central planned economy and pragmatically socialist, 55% of the country’s millionaires are making money the old fashioned way — they earned it in private business. Another 20% have entered the world of China millionaire stardom through the country’s hot real estate market, and another 15% or stock market gurus, Hurun said in the executive summary to its May 12 report. More surprisingly, 30% of China’s millionaires were women.

China has gone through radical economic changes since the late 1970s when economic reforms began. The country tried its own communist brand of capitalism and over the last decade has grown by more than 9% on average, taking millions of Chinese nationals out of poverty, and millions more into the middle classes. Thousands of Chinese became millionaires in the last few years alone.

The Hurun Report is a luxury publishing and events company targeted China’s high net work consumers. The income is based on China yuan income of at least 10 million, which makes them millionaires in US dollar terms. China’s millionaire population has grown 9.7% from 2010 levels.

The actual number of Chinese yuan-denominated millionaires is actually much higher. Hurun only considers those making over 10 million yuan.

Most of China’s wealthy live in the capital city of Beijing, home to 170,000 millionaires or 17.7% of the total millionaire population. Port cities Guangdong and Shanghai make up the top two and three positions with 16.4% and 13.8%, respectively.

Hurun singled out Shanghai in its report due to its position as the leading luxury consumer market in China. The city is home to over 7,800 elite luxury consumers worth over 100 million yuan, with their average age being 43. Overall, the number of Shanghai millionaires rose 8.2% over the last 12 months, with the number of super rich rising by 6.8% from the previous 12-month period.

“Shanghai’s rapid economic development and exploding real estate market has created a situation where 1 in every 175 people in Shanghai are millionaires.” Rupert Hoogewerf, Chairman of the Hurun Report said in a statement. “These figures should certainly prick the ears of luxury brands around the world.”

Moreover, Hoogewerf estimates there are 350 Chinese yuan-denominated billionaires 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,” he says. “We estimate there to be 4,000 yuan billionaires in China, with only a third making the Hurun Rich List.”

Shanghai’s Richest 10

Name Wealth USD Company Indus
Liu Yongxing $5 bln East Hope Aluminum
Xu Rongmao $4.9 bln Shimao Real estate
Zhou Chengjian $3.4 bln Metersbonwe Textiles
Tong Jinguan $2.9 bln Changfeng Real Estate
Zhang Zhirong $2.9 bln Hengsheng Ship building
Guo Guangchang $2.6 bln Fosun Conglomerate
Shi Yuzhu $2.2 bln Giant Online gaming, Finance
Ye Lipei $2.2 bln Super Ocean Real Estate
Zhong Shengjian $1.9 bln Yanlord Paper & Pulp
Cheng Tiangqiao $1.8 bln Shanda Online gaming

Source: Hurun Rich List 2010

Tags: , , , , , , ,

Post a Comment

Your email is never published nor shared. Required fields are marked *


Subscribe without commenting