The number of millionaires grew (defined as individuals with personal wealth of CNY 10 million, equivalent to US$1.6 million and GBP 1 million) by 3% in 2012 to 1.05 million, while the number of the super-rich (defined as individuals with personal wealth of CNY 100 million, equivalent to US$16 million and GBP 10 million) reached 64,500, up 2% from the previous year. The growth, the slowest one in five years, has decelerated for the second consecutive year.
So there are slightly less new millionaires than this time last year, but it’s okay, because these wealth creators are helping to drive the Chinese economy, right?
The wealthy population spent 3% of their average wealth of 59 million RMB last year. A great 3% of their spending went to travel. Wealthy people are also more and more interested in seeking out unique travel experiences, and exotic destinations such as Africa or the polar areas are gaining popularity.
Hooray for trickle down economics!
Beijing remains in the first place with an increase of 5,000 to 184,000 millionaires, and with an increase of 200 to 10,700 super rich. Guangdong ranks the second with 172,000 millionaires and 9,600 super rich. It is followed by Shanghai with 147,000 millionaires and 8,500 super rich.
Other vaguely-interesting titbits:
- A quarter of millionaires said they were “very confident” in the Chinese economy, 66 percent said they were “fairly confident”.
- Millionaires prefer WeChat over Weibo.
- The average age of a Chinese millionaire is 38.