Guangdong Now Wealthier than Beijing!

China Daily has announced that the number of High Net-Worth Individuals (HNWIs) in Guangdong has exceeded that of Beijing, based on a report by Taikang and Hurun. The report interviewed 1125 HNWIs across China, as well as focusing on 30 individuals from the cities of Beijing, Shanghai, Shenzhen and Guangzhou.

Undoubtedly, property prices have has a dramatic effect on the wealth of citizens living in the main population centres of China, however, the report only looks at people with a personal wealth of more than RMB10,000,000 (USD$1.6 Million), which has increased by 10.7% annually.

Guangdong Now Wealthier than Beijing!

Looking at the cities on an individual basis, Guangzhou has 240,000 individuals fitting the criteria,with Beijing having 238,000 and Shanghai 205,000. It is likely that such wealthy people have multiple properties throughout China and so whether there is any crossover in the figures is not known. This is especially important in looking at how such wealth is apportioned, with the majority being held in property/land, investments and, finally, cash.

Similar to the less well-off population of China, healthcare was of the utmost importance to the wealthy, with sports second and financial investment coming third. News and tourism were also seen as important topics to the multi-millionaires, who are likely to have access to properties throughout the world to enjoy at their leisure.

Read more : Die Casting China

Author: Chris Na