Editor’s Note: Nearly one million Chinese have over 10 million Yuan! As the gap between the country’s rich and poor widens, many Chinese people look enviously to these money-making gurus. This article, which first appeared in the Global Chinese Press, presents the conclusion of a recent report about where China’s multimillionaires live, how they made their money, and where their money is.

Photo: xmwbsq.news365.com.cn

 

China's Top 10 Places with Multi-Millionaires

Province/City	Number of Multi-Millionaires	Percentage
Beijing	170,000	17.7%
Guangdong	157,000	16.4%
Shanghai	132,000	13.8%
Zhejiang	126,000	13.1%
Jiangsu	68,000	7.1%
Fujian	36,000	3.8%
Shandong	33,000	3.4%
Liaoning	29,500	3.0%
Sichuan	24,000	2.5%
Henan	16,500	1.7%
Other	168,500	17.6%
Total	960,000	100.0%

 

The Hurun Research Institute and the GroupM Knowledge Center jointly issued the 2011 GroupM Knowledge Center and Hurun Rich Report, which was released on April 12. This is the 3rd consecutive year the Hurun Research Institute has published this report, an analysis of today’s wealthy Chinese which details just how many Chinese are “rich” and which regions of the country these wealthy people live in.  

The report points out, at the end of 2010, there were 960,000 people who had over 10 million Yuan living in China’s 31 provinces, autonomous zones, and city regions outside of Hong Kong, Macao and Taiwan, an increase of 9.7% from last year. Beijing alone has 170,000 people with 10 million RMB, making it the most popular place for people with over 10 million to live in China. 157,000 live in Guangdong, putting it in 2nd place, and 132,000 live in Shanghai, making it China’s number 3 hot spot for those with 10 million or more. 

Currently, China’s multimillionaires worth at least 10 million can be divided into four main groups: entrepreneurs, real estate moguls, stock investors and what in China is known as “gold-collar” workers, the people who make up the top of the corporate food chain. The latest report’s statistics classify 55% of China’s 10 million RMB millionaires as entrepreneurs, 20% as real estate investors, 15% as stock investors, and 10% as gold collar workers.

1) Entrepreneurs
Entrepreneurs are business owners. Over half of Chinese with over 10 million fall into this category, which means there’s a grand total of 530,000 entrepreneurs with over 10 million Yuan making their home in the Middle Kingdom. Businesses make up about 65% of their overall capital. Their personal residences alone are worth about 2 million RMB, and they own 300,000 in automobiles and over 1.2 million in investment capital (including cash, stocks and other investments.)

2) Real Estate Moguls
Once they’ve accumulated enough cash, these businessmen start jumping into all kinds of investments, with real estate at the core of their investment portfolios. The number of real estate properties these rich people own has rapidly escalated over the past few years. About 200,000 Chinese with over 10 million (20% of the country total) are classified as real estate moguls. Investments in real estate account for 60% of their total capital. Their personal residences are worth over 2.5 million, and they own 300,000 in automobiles, and they also have small collections of artwork. The average age of real estate moguls with over ten million is 45, making them slightly older than the other groups. Most began investing in real estate about ten years ago.

3) Stock Investors
Once these guys had gotten enough cash together, they started buying stocks, and racked in major profits. This group of about 150,000 multimillionaires with at least 10 million makes up 15% of the China total. About 60% of their capital is invested in stocks. Personal residences are worth more than 3 million RMB, and they own about 500,000 RMB worth of automobiles. On average, they began investing in stocks in 2004.

4) “Gold Collar” Workers
This category includes the high-ups from large-scale enterprises and multinational companies. Their annual salaries are through the roof, and large company shares ensure they have a stable source of income. Making up 10% of the country’s total, China has about 100,000 gold collar millionaires with at least 10 million Yuan. Their personal residences are worth more than 5 million RMB, and they own around 500,000 RMB in automobiles. Investment capital makes up about 40% of their total capital.
 

Source: gcpnews.com
 

Related links
China Has World’s Third Most Millionaires
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Why China’s Rich Are Still Leaving the Country

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