Business / Industries

The rich look to new retirement options

By Wang Zhuoqiong (China Daily) Updated: 2016-08-16 07:48

The rich look to new retirement options

Interest in senior living communities has risen 87 percent year-on-year, according to a survey.

It found interest high, especially among young people under 35-year-old who had more open-minded and optimistic attitudes toward retirement. Their interest jumped from 17 percent to 39 percent.

With the rapid rise in the recognition of and demand for new types of senior living homes among China's super rich, senior living communities have become the preferred mode of retirement, with younger respondents most interested in them, according to the Retirement Planning and Healthcare of Chinese High-Net-Worth Individuals 2016, a report released by Taikang Insurance Co and Hurun Report on Monday in Beijing.

The study was based on a survey of 1,125 HNWIs across China and 30 one-to-one interviews with millionaires in Beijing, Shanghai, Guangzhou and Shenzhen. This is the second year the report was issued.

As of May 2016, about 13.4 million Chinese have 10 million yuan ($1.5 million) in net worth or more, up 10.7 percent. Those with 100 million yuan or more stand at about 89,000, up 14.1 percent.

And 57 percent of those surveyed regard retiring at home as their first choice, down from 77 percent in 2015. About 28 percent chose medium- to high-end elderly care homes, up from 15 percent year-on-year. About 8 percent want to stay in community-supported retirement, up from 5 percent in 2015.

In retirement, they expect to lead colorful and relaxed lives and travel extensively. They are increasingly independent about retirement planning, preferring to prepare through investment and insurance, rather than expecting their children to look after them, according to the report.

Healthcare is the first place concern for China's super rich, displacing financial investment, which fell to third. Sports come second, with 29 percent. They also expressed an interest in news and tourism.

They would consider using 2.5 different kinds of medical institutions on average this year, up from 1.7, reflecting a diversification in choice.

Compared with last year, their attitudes are becoming more open and the range of their choices more diverse. Many more are willing to use new medical treatment methods, with all categories witnessing increases.

The rich look to new retirement options


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