China's rich getting younger: survey
Updated: 2006-01-14 11:18
A recent survey shows that the newly rich in China are younger than ever.
A study conducted by the Cenozoic Market Supervision Organization shows that
60 percent of the newly rich in China were born in the 1970s and are
The survey also categorizes the newly rich, aged from 18 to 45, according to
their family incomes. More than 80 percent of the newly rich have an annual
family income of 80 to 200 thousand yuan.
Meanwhile, 15 percent of rich people earn 200 to 400 thousand yuan on an
annual basis. Only four percent are perched at the top of the pyramid, with
annual household income hitting one million yuan.
The Cenozoic Market Supervision Organization conducted the survey among 10
thousand wealthy people in a dozen Chinese cities.
The survey also shows that in economically advanced cities like Beijing,
Shanghai and Guangzhou, the top-grade wealthy own far more expensive sedans
priced at around 328 thousand yuan. The middle-wealthy tend to purchase a
private car around half that price, while the rich people at the bottom can
afford a 77 thousand yuan private car.