Business / Economy

Land of the rich: More ultra-wealthy in Guangdong than Beijing

By WANG ZHUOQIONG ( Updated: 2016-08-15 15:24

Land of the rich: More ultra-wealthy in Guangdong than Beijing

A view of Guangzhou's downtown, Guangdong province, July 31, 2015. [Photo/IC]

Guangdong has overtaken Beijing in the number of ultra-rich individuals, according to a latest report released on August 15.

Taikang and Hurun Report jointly released Retirement Planning and Healthcare of Chinese High Net-Worth Individuals (HNWIs) 2016 in Beijing. This 48-page report is based on a study of 1,125 HNWIs across the country, and 30 one-on-one interviews with HNWIs in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen. This is the second year of the report.

The report said a surge in housing prices in first-tier cities was the main driver for the growth in Chinese HNWIs, so despite a slowdown in the economy, the number of Chinese HNWIs, defined as individuals with 10 million yuan ($1.6 million) of personal wealth or more, shot up 10.7 percent year on year.

Guangdong, home to 240,000 individuals with 10 million yuan or more, overtook Beijing for the first time, and recorded the fastest growth rate, 17.65 percent. Beijing came second with an increase of 24,000, hitting 238,000 in total. Shanghai took the third spot, increasing by 24,000 to 205,000. Zhejiang was at fourth with an increase of 14,000 to reach 160,000.

Bank deposits, property and insurance remain the three main avenues for financial investment. The proportion who invests in insurance increased, while the proportion devoted to property investment fell.

The main topics of concern for Chinese HNWIs were quite different this year. Healthcare took first place, displacing financial investment, which fell to third. Sports come second, with 29 percent. The HNWIs also expressed an interest in news and tourism.

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