In Shanghai 370,000 residents are millionaires in US-dollars in 2012, and although most still get their fortune from real estate Rupert Hoogewerf of the Hurun Rich list estimates art and wealth management will take over as sources for wealth in the city, he tells the Jing Daily.
The Jing Daily:
According to the recent “Shanghai Wealth Report 2012,” published by the Hurun Report and Australia’s Gao Fu Wealth Management, Shanghai, mainland China’s financial center and a rising star on the global business scene, now has 370,000 residents worth at least 6 million yuan (US$949,710), with business owners, real estate investors and professional investors ranking as the city’s wealthiest. The report adds that 140,000 Shanghai residents have assets of 10 million yuan (US$1.6 million) or more, an increase of 6.1 percent over last year and a full 14 percent of China’s high net worth individuals. A similar increase of 5.1 percent was seen among the 8,200 “super-rich” residents, whose net worth meets or exceeds 100 million yuan (US$15.8 million). Of the super-rich individuals in Shanghai, the Hurun Report details, 75 percent are business owners, while real estate investors account for 15 percent and professional investors account for 10 percent. “This year’s report,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, “shows that property is the biggest source of wealth in Shanghai, while globally, most wealth comes from professional investment.”
Still, since China’s real estate industry remains on shaky ground and the stock market is far from a source of strength, Hoogwerf added that we should see changes in the makeup of upcoming rich lists. Currently, Liu Yongxing of the East Hope Group and Zhou Chengjian of fast-fashion retailer Metersbonwe Group rank as Shanghai’s wealthiest residents, with Liu’s fortune reaching 41 billion yuan (US$6.5 billion) and Zhou’s 32 billion yuan (US$5 billion). And as the enthusiasm of a growing number of wealthy Shanghainese has cooled towards stock market or real estate investment, interest in wealth management products and the art market has grown over the past two years.
- Five Chinese hit Hurun’s Global Rich List – Rupert Hoogewerf (chinaspeakersbureau.info)
- What do China’s rich want? – Rupert Hoogewerf (chinaspeakersbureau.info)
- Top-5 most-read stories February 2012 (chinaspeakersbureau.info)
- The rising wealth of China’s law makers – Rupert Hoogewerf (chinaherald.net)