Chinese new millionaires
The fascinating world of Chinese new millionaires!
In recent years, China has experienced rapid economic growth, leading to a significant increase in the number of new millionaires. According to a report by Hurun Research Institute, a Shanghai-based research firm, the number of Chinese millionaires has grown from 1.7 million in 2007 to over 3.5 million in 2020.
Here are some interesting facts about Chinese new millionaires:
- Young and ambitious: The majority of Chinese millionaires are under the age of 40, with 55% of them being between 25 and 39 years old. This age group is often referred to as the "post-80s" generation, born after 1980.
- Entrepreneurs: Many Chinese millionaires have made their fortunes through entrepreneurship, with 44% of them being self-made billionaires. The most popular industries for entrepreneurship include e-commerce, technology, and real estate.
- Wealth creation: The majority of Chinese millionaires have created their wealth through their own businesses, with 62% of them having started their own companies. This is in contrast to Western countries, where many millionaires inherit their wealth.
- Investment in education: Chinese millionaires place a high value on education, with 71% of them having a college degree or higher. Many also invest in their children's education, with 55% of them sending their children to private schools.
- Luxury spending: Chinese millionaires are known for their love of luxury goods, with 64% of them owning a luxury car and 55% owning a luxury watch. They also spend heavily on travel, with 53% of them taking international trips each year.
- Philanthropy: Despite their wealth, many Chinese millionaires are also philanthropic, with 45% of them donating to charity each year. The most popular causes for philanthropy include education, healthcare, and disaster relief.
- Regional distribution: The majority of Chinese millionaires are concentrated in the eastern provinces of China, particularly in Shanghai, Shenzhen, and Beijing. These cities are hubs for business, finance, and technology.
- Family ties: Family plays a significant role in the lives of Chinese millionaires, with 75% of them having a close relationship with their parents and 60% having a close relationship with their children.
- Cultural values: Chinese millionaires place a high value on traditional Chinese values such as hard work, perseverance, and respect for authority. They also prioritize family and social relationships.
- Global connections: Many Chinese millionaires have global connections, with 55% of them having friends or business partners outside of China. They also travel frequently, with 53% of them taking international trips each year.
These are just a few interesting facts about Chinese new millionaires. As China's economy continues to grow, it's likely that the number of millionaires will continue to increase, and their spending habits and philanthropic efforts will have a significant impact on the global economy.