Spending might be down, under the pressure of an ongoing anti-corruption drive, but the number of super-rich in China is going up, according to Rupert Hoogewerf, founder of the Hurun China rich list at AFP. Beijing is still leading before Shanghai and Guangdong.
Category Archives: billionaires
The costs of luxury goods are becoming more expensive, faster than the inflation rate, is one of the conclusions by the newest Hurun Luxury Consumer Price Index. Quality is taking over from quantity, suggests Hurun founder Rupert Hoogewerf in the Shanghai Daily.
Income inequality is nothing new in China, but as economic growth declines, inequality seems to grow disproportionately, writes financial analyst Sara Hsu in Triple Crisis. And that wealth moves abroad, in stead of helping the domestic economy to develop.
Hiding wealth from the Chinese tax offices might be harder for the rich, as today the Foreign Account Tax Compliance Act (Facta) kicks in, reports WSJ wealth editor Wei Gu at the Wall Street Journal. Foreign countries not only have to share their data on US citizens, they get something back.
Alibaba´s Jack Ma was only the latest of a string of Chinese millionaires investing into football in their country. Football is a game changer, only in the early phase of commercializatin, say WSJ´s wealth editor Wei Gu and Roy Lu of Starline Inc., a Sino-U.S. sports entertainment agency.
Rupert Hoogewerf, founder of the Hurun rich list, was one of the first to signal China´s rich are leaving the country massively. Now he has dived further into the motives, and found that finding good education for their children is one of the most important reasons, he tells in Fortune.
Classic tourists destinations like France are out for China´s rich, as they focus on more exotic destinations like the Arctic and Africa, reports the Wall Street Journal based on a new report by Rupert Hoogewerf´s Hurun Rich list. Only Switzerland survives in Europe.
Zeng Fanzhi, 50, is China´s best selling artist alive today with sales of US$84 million, according to the Hurun Art list 2014, published earlier this month together with Artron. The list offers an objective benchmark of Chinese artists, says its founder Rupert Hoogewerf in 4Hoteliers.com.
China´s billionaires not only spend a huge part of their money on luxury cars, they also make it from the car-industry, says Rupert Hoogewerf, founder of the Hurun Rich list in the China Daily.25 Percent of the super-rich in the automotive industry come from China.
Sales of yachts in China are under pressure, WSJ wealth editor Wei Gu notes at the Hainan Rendez-Vous, caused by China´s anti-corruption drive at the China Real Time of the WSJ. It did not help that last year sex-and-drugs stories emerged from the 2013 fair.