by Getty Images via DaylifeThe wealth of China’s millionaires has halved at the end of 2008, says Rupert Hoogewerf, composer of the China’ rich list in the China Daily. And they are also tightening their belts.
“In the two months from early September to early November, the average wealth of the richest who own listed companies shrank by 45 percent, after an over-20 percent fall earlier in 2008,” said Rupert Hoogewerf, chairman of luxury publishing group Hurun Report, which releases the Hurun Rich List of Chinese tycoons and entrepreneurs annually.
Their wealth had already been hit by a dropping stock market in early 2008, hitting their wealth with an average 20 percent.
“Surprisingly, the rich we surveyed said that their average spending this year was two million yuan, which is significantly less than I expected,” Hoogewerf said.
International media usually report that the rich in China spend four to five million yuan a year, he added.