Rich family in China
How does the typical rich family in China live their lives and spend their cash?
The folks at the Hurun Report, the Chinese wealth trackers and luxury publishers, have put out a "report" on the new Chinese rich. It is unclear exactly what Hurun"s methodology is, or who they surveyed. Hurun says there are 8,800 billionaires in Beijing and 7,000 in Shangai presumably "yuan" billionaires. A yuan billion equates to about 150 million.
But as relayed in the China Daily newspaper, Hurun finds that the "typical rich family" in China has a 43-year-old dad, 42-year-old mom and one 14-year-old child.
The report says the rich in Beijing need to spend at least 87 million yuan (or about 12.7 million) on property, cars and other luxury goods to be regarded as "one of the city"s new aristocrats". The bulk of their spending is on real estate, furnishings and fabrics, the report said.
The Chinese rich have at least three homes, often filled with porcelain and jade collections mixed with modern art. They spend more than 7,000 a year on piano lessons.
Rich men in Beijing drive Mercedes Benz R500 limos and usually are members of Yongfoo Elite, the popular Beijing club. Their wives belong to the Lan Club and wear Bulgari platinum and diamond watches when their drive their BMW sport cars.
"During the past several years, the complexion of the rich in China has changed in many aspects," said Rupert Hoogewerf, founder and publisher of the Hurun Report. "Many of them say they want to be a sort of upper class, rather than only being rich."
The conclusions sound more like a big ad for a European luxury magazine, rather than a profile of the uniquely Chinese rich. Perhaps that isn"t a coincidence for a luxury publisher supported in part by luxury advertisers.
But maybe in today"s globalized wealth culture and economy, the Chinese rich are increasingly indistinguishable from the America or European rich: buying the same Italian bags, driving the same German cars and frequent similar social clubs.