De­spite slow­ing econ­omy, num­ber of Chi­nese su­per-rich con­tin­ues rise

The China Post - - BUSINESS - BY HE NA

Although China’s eco­nomic growth has slowed some­what over the past year, the num­ber of su­per rich peo­ple has ex­panded to a record high, ac­cord­ing to the re­cently re­leased China Ul­tra High Net Wealth Re­port 2014-2015.

The num­ber of peo­ple from the Chi­nese main­land who hold as­sets worth at least 500 mil­lion yuan (US$81.35 mil­lion) has ex­ceeded 17,000, ac­cord­ing to the re­port.

From 2008 to 2013, the re­port gen­er­ally listed no more than 1,000 names.

The re­port was jointly re­leased by China Min­sheng Bank and the Hu­run Re­search In­sti­tute on Thurs­day in Bei­jing.

The num­ber of China Ul­tra High Net Wealth peo­ple this year reached record high for the 15 years the Hu­run Re­search In­sti­tute has re­leased the China Rich List.

The 2014-2015 re­port in­ves­ti­gated in de­tail where th­ese peo­ple live, how they ac­cu­mu­lated their wealth and their life­styles, the Chi­nese first re­port to do so.

The to­tal as­sets of the su­per rich soared to 31 tril­lion yuan, 10 times the GDP of Nor­way and 20 times that of the Philip­pines. They have an av­er­age age of 51 and av­er­age as­sets of 1.82 bil­lion yuan.

The re­port found that most on the list are en­trepreneurs, prop­erty de­vel­op­ers or pro­fes­sional in­vestors.

Some 300 of them have as­sets worth at least 10 bil­lion yuan, and about 5,100 have as­sets worth 1 bil­lion to 2 bil­lion yuan. The rest have 500 mil­lion to 1 bil­lion yuan.

Most of the en­trepreneurs come from man­u­fac­tur­ing in­dus­tries and own listed com­pa­nies whose ini­tial public of­fer­ings were in Shang­hai or Shen­zhen. Singa- pore’s zaobao.com re­ported that 55 per­cent of them do not live in the first tier cities — such as Bei­jing — but rather in the sec­on­dand third-tier cities.

The re­port also stud­ied in de­tail their at­ti­tudes to­ward in­vest­ment and life.

Most are op­ti­mistic about the cur­rent busi­ness en­vi­ron­ment. About half thought that it would be eas­ier to get loans in the com­ing three years, the macroe­con­omy would im­prove and en­trepreneurs would be more re­spected than they are now.

How­ever, only one- t hird thought their prof­its would in­crease. 45 per­cent fa­vor in­vest­ing in jew­elry and jade, and 29 per­cent like col­lect­ing cal­lig­ra­phy and paint­ings.

More than 80 per­cent would like to in­vest in over­seas projects in the fu­ture, and half of them have al­ready done so.

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