Average Chinese billionaire spends US$380,000 a year

By Kim Young-gyo
HONG KONG, Jan. 12 (Yonhap) -- The average Chinese billionaire spends 2.5 million
Chinese yuan (US$380,000) a year, a survey showed on Wednesday,
Hurun Report Inc., which regularly tracks China's wealthy population, this week
published a report on consumption activities of China's wealthiest citizens.
The report defined a billionaire as a person who has more than 100 million yuan
worth of personal assets, including investment assets, shares in unlisted
companies, real estate and art collections.
The average millionaire, defined as a holder of assets worth more than 10 million
yuan, spends 1.9 million yuan annually, according to the report.
The survey was conducted on 401 millionaires and billionaires from April to
November of last year.
People who spend 1 million to 3 million yuan made up the largest proportion in
the rich population with about 50 percent, up 11 percentage points from a year
earlier.
Those who spend less than 1 million yuan accounted for 37 percent, decreasing 8
percentage points on-year. The number of people who spend more than 3 million
yuan also decreased by 3 percentage points to 13 percent.
The average age of millionaires was 39, while that of billionaires was 43.
Among China's wealthiest, women made up 30 percent, Hurun said.
ygkim@yna.co.kr
(END)

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