« Back to article

Print this article

Life and style of Chinese millionaires

There are currently 2.7 million high-net-worth individuals in China with personal assets of $950,000 or more, and 63,500 ultra-high-net-worth individuals with assets worth $15.8 million or more.

Let's take a look at how these wealthy Chinese spend their money.

NOTE: Courtesy, Business Insider, HuRun Report and China's Industrial Bank.

Click NEXT to read more...

Life and style of Chinese millionaires

Among China's wealthy, the most popular leisure activities are travelling, reading and tea tasting.

Travelling: 61 per cent

Reading: 36 per cent

Tea tasting: 34 per cent

Driving: 33 per cent

Familiy activities: 30 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

More than 60 per cent of HNW Chinese are collectors, and their favourite thing to collect is watches.

Watches: 34 per cent

Classical paintings and calligraphy: 31 per cent

Wine: 23 per cent

Porcelain: 13 per cent

Contemporary art: 13 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

HNW Chinese shop in Hong Kong an average of three times a year, and 73 per cent say it's their favourite place to shop.

Hong Kong: 73 per cent

Europe: 28 per cent

The United States: 18 per cent

Japan: 16 per cent

Singapore: 15 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Rich Chinese women say their favourite item to purchase abroad is cosmetics, while men shop for watches when abroad.

Watches: 65 per cent

Clothes: 49 per cent

Jewellery: 48 per cent

Cosmetics: 45 per cent

Electronic products: 43 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

More than half of HNWs bought watches last year. Among the ultra-rich, yachts and private jets are becoming more popular.

Characteristics of luxury goods that attract the rich:

High quality: 69 per cent

Brand reputation: 66 per cent

Long history: 39 per cent

Rarity: 32 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

The average HNW spends close to $24,000 a year on gifts, and the most popular gift among wealthy men is watches.

Occasions for giving gifts:

Business: 76 per cent

Wedding: 50 per cent

Holiday: 41 per cent

Family anniversary: 36 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Despite an ebb in China's housing market, real estate remained the most popular investment for the wealthy.

Personal investments:

Property: 60 per cent

Stocks: 46 per cent

Gold: 26 per cent

Artworks: 15 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

More than a third of China's wealthy have pets - five per cent own chinchillas.

Dog: 49 per cent

Fish: 19 per cent

Cat: 9 per cent

Bird: 6 per cent

Tortoise: 6 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Leisure travel is currently the biggest expenditure for HNW individuals, and many expect to spend even more on travel in the future.

Main areas of spending:

Travel: 19 per cent

Daily luxuries: 15 per cent

Children's education: 12 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Education is another big spending area for HNW individuals. Eighty-five per cent said they planned to send their children abroad to study.

When to send children abroad:

Senior high school: 35 per cent

College: 30 per cent

Junior high school: 21 per cent

Primary school: 9 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Twenty-nine per cent of China's HNW individuals are Buddhist, compared to 18 per cent of China's overall population.

No religious beliefs: 51 per cent

Buddhism: 29 per cent

Protestantism: 5 per cent

Islam: 3 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

While most high-net-worth individuals in China still don't use the Internet to shop, it's now their number one source of information about consumer products.

Source of information abour consumer products:

Internet: 61 per cent

TV: 51 per cent

Magazines: 50 per cent

Word of mouth: 49 per cent

Click NEXT to read more...

Life and style of Chinese millionaires

Beijing has more HNW individuals than any other Chinese province. Provinces with more than 100,00 high-net-worth individuals:

Beijing, Shanghai, Guandong, Fujian, Zhejian and Jiangsu.