The Chinese millionaire in 2012

Published on 2012-06-01

Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, presented his findings on the consumption trends of Chinese millionaires based on two key factors: Lifestyle and the UK Connection.

On 22 May, Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, presented his findings on the consumption trends of Chinese millionaires based on two key factors: Lifestyle and the UK Connection.

The presentation initially provided attendees with a relative numerical comparison of (multi-) millionaires in China and the rest of the world, showing there to be over three million Chinese millionaires (in terms of USD). With the average age of the Chinese millionaire being 52, the Hurun report anticipates their business ventures to go global by 2015. While Investments (19.2%) are by far the largest proportion of wealth source for the richest 1000 people around the world, Property (23.5%) and Manufacturing (19.1%) are considerably the largest sources of wealth in China.

Lifestyle
Rupert went on to discuss the lifestyle of high net worth individuals with a focus on the luxury sector.

  • The top 10 brand names for consumer gifts range from Louis Vuitton to Moutai and Armani. Significantly there is no British representation for Luxury gifts in the top ten.
  • For the Super-Rich red wine is now the preferred gift, followed unvaryingly by watches, tobacco products and electronic products.
  • Golf and swimming are the ‘Big Two’ sports for China’s wealthy while traveling and reading are the top lifestyle choice.
  • Significantly Chinese shoppers spent 91% more on average than in 2010, growing 50% and 19% in 2009 and 2008 respectively.


The UK Connection
While there are several British luxury brand names recognised by the Chinese rich consumers, Education is the single most important connection between the Chinese entrepreneur and the UK. This is driving property purchases in London and is a good omen for UK-China business relations in years to come.