A Profile of Beijing’s Millionaires

A Profile of Beijing’s Millionaires
Sean Leow
  • 24 august 2009

In the latest report to track China’s wealthiest people, we learn that Beijing has the most multimillionaires in China. The Hurun Report‘s newest publication titled “China’s New Aristocrat Consumption Threshold Report” lays out the details on Beijing’s estimated 143,000 multimillionaires and 8,800 billionaires. In comparison, Shanghai has 116,000 multimillionaires and 7,000 billionaires.

The typical rich Beijing family profile is that of a couple in their 40s with a teenager. Annual spending for Beijing’s rich is roughly USD 850,000, including an estimated one-fifth of that going to charity. Tokyo and Osaka are top travel destinations, while BMW and Mercedes Benz are the cars of choice. Cartier is the rated as the favorite luxury brand of the rich. Investments are made in multiple properties, including luxury apartments downtown and villas outside the city. Many Beijing rich invest in arts and say they are willing to spend up to USD 7,000 a year for piano lessons.

[via China Daily]

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