More than 80% of the filthy rich in China are optimistic about the future of their home country’s economy, says the 2016 Hurun Report Chinese Luxury Consumer Survey.
The data from the report was compiled by surveying 458 people with a net worth of at least 43.7 million RMB ($6.63 million).
Over four-fifths of the above feel good about China’s future economic development, 28% considering stocks their best investment option in spite of reality. Real estate wasn’t too far behind at 25%, while fixed income investments came third at 15%.
For the upper upper class, the biggest expenses are travel, luxury items (naturally) and children’s education. The United States and the UK were found to be the most popular destinations for overseas study, while France and Hainan province’s Sanya city were named the most desired tourist spots.
But real talk, the most significant finding from the survey concerns the Chinese elite’s favourite brands. Gucci, LV, and — as expected — Apple came out on top for luxury items.
The best gift for men was thought to be a watch, while jewelry was the top choice for women. 35.9% of respondents said it was best to give old people health products, while only 2.9% said the top gift for children is a car. Strangely, South Pacific Islands and Modigiliani nude paintings don’t make an appearance.
All this surveying was taking place as another study was released last week that showed China’s income inequality was fast approaching potentially catastrophic levels with the top 1% owning one-third of Chinese wealth.