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Hurun reveals spending preferences of China's richest

By Gao Yuan (chinadaily.com.cn)
Updated: 2011-01-12 16:11

Hurun Wealth Report, best known for its China Rich List, unveiled the results of research on the consumption habits of China's richest people, saying that Chinese centimillionaires spend 2.5 million yuan every year on average and more than one third of the richest people put their fortune into the real estate market, Rednet.cn reported Wednesday.

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According to the report, the researchers surveyed 401 Chinese millionaires between April and November 2010, each of them with personal assets of at least 10 million yuan ($1.5 million). Among them, 45 individuals have assets of at least 100 million yuan.

The average age of the individuals with assets of between 10-100 million yuan was 39, and 43 for those who possessed more than 100 million yuan in assets.

Real estate investors and businessmen in the manufacturing industry made up the largest part of the 400 people surveyed, the report said, adding that traveling, reading and golf were the most popular leisure activities for the group.

It also reported that 60 percent of the wealthiest people were non-smokers, and 70 percent were male.

The report also unveiled that more than one-third of them would like to invest in properties such as quadrangle dwellings and time-honored foreign-style houses.

In addition, overseas tourist attractions such as France, the US, Australia and the Maldives topped a list of the millionaires' most traveled holiday destinations in the survey, the report said.