China's Industrial Bank and HuRun Report just released a major report on the changing lifestyle of China's new rich, based on hundreds of interviews across the country.
There are currently 2.7 million high-net-worth (HNW) individuals in China with personal assets of $950,000 or more, and 63,500 ultra-high-net-worth (UHNW) individuals with assets worth $15.8 million or more.
Among China's wealthy, the most popular leisure activities are traveling, reading, and tea tasting.
More than 60% of HNW Chinese are collectors, and their favorite thing to collect is watches.
HNW Chinese shop in Hong Kong an average of 3 times a year, and 73% say it's their favorite place to shop.
For men, watches are by far the most popular luxury item to purchase overseas. Among women, it's cosmetics.
More than half of HNWs bought watches last year. Among the ultra-rich, yachts and private jets are becoming more popular.
The average HNW spends close to $24,000 a year on gifts, and the most popular gift among wealthy men is watches.
Despite an ebb in China's housing market, real estate remained the most popular investment for the wealthy.
Leisure travel is currently the biggest expenditure for HNW individuals, and many expect to spend even more on travel in the future.
Education is another big spending area for HNW individuals. 85% said they planned to send their children abroad to study.
29% of China's HNW individuals are Buddhist, compared to 18% of China's overall population.
While most high-net-worth individuals in China still don't use the Internet to shop, it's now their #1 source of information about consumer products.
There's a difference between China's wealthy and uber-wealthy.
Ultra-high-net-worth individuals in China:
- 80% are male, and the average age is 41.
- Their main source of wealth is through the ownership/sale of their companies.
- Real estate and stocks remain the two most popular investment choices, but they also invest more in art and unlisted companies.
- They own an average of three cars, six watches, and take 20 days off a year.
- They like playing golf.
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Via Businessinsider.com
Luxury News / Golden Choice by Lux Creative International
