The shear size of China and its population is so vast it is difficult for many of us to grasp, so it should come as no surprise that the number of Chinese millionaires is a similarly large figure.
Mainland China has 960,000 “millionaires” with personal wealth of 10 million Yuan or more ($1.5 million USD), according to the Hurun Report. These wealthy consumers are young with an average age of 39 years. Over half of them derived their wealth from their private business, while 20% from property investment and 15% from the stock market. About 30% of them are women.
The Chinese millionaire luxury consumers do not necessarily reside in Beijing, Shanghai or Guangdong. In fact, slightly over 50% of them live outside of these three regions. The top regions where you will find the most Chinese luxury consumers:
1. Beijing: 170,000 millionaires (17.7% of total)
2. Guangdong: 157,000 millionaires (16.4% of total)
3. Shanghai: 132,000 millionaires (13.8% of total)
4. Zhejiang: 126,000 millionaires (13.1% of total)
5. Jiangsu: 68,000 millionaires (7.1% of total)
6. Fujian: 36,000 millionaires (3.8% of total)
7. Shandong: 33,000 millionaires (3.4% of total)
8. Liaoning: 29,000 millionaires (3% of total)
9. Sichuan: 24,000 millionaires (2.5% of total)
10. Henan: 16,500 millionaires 1.7% of total
Another 168,000 millionaires (17.5% of total) are located throughout other areas of China.