China's new rich are exceptionally younger than those in its
neigboring countries and they are more keen on investing in the
country's booming real estate market, a survey by credit card
company MasterCard said.
MasterCard surveyed 900 people and interviewed 300 families in
Beijing, Shanghai and Guangzhou whose annual income are above
US$16,000.
The survey showed that at least one quarter are among the
affluent by internationally recognized standards, who earn more
than US$50,000 annually.
Yuwa Hedrick-Wong, MasterCard's economic advisor, said the
Chinese affluent people are "shockingly young" compared with their
counterparts in developed countries, citing the survey results that
64 percent of the rich people are from 31 to 46 years old.
Statistics showed that about 70 percent of the Japanese rich are
older than 45 years old. In another developing nation, the
Philippines, 95 percent of the rich are older than 45.
Wong analyzed that young employees of multinational companies,
senior members of the management of state-owned enterprises and
business people in the private sector are the bulk of the Chinese
urban rich.
The survey also indicated that every household of the affluent
population own at least one apartment. Some 26 percent of the
surveyed each have bought three apartments, or a villa, and eight
percent bought four apartments.
Most affluent people expect that investment in apartments would
make them wealthier in the thriving Chinese real estate market,
Wong said. Meanwhile, they also have other channels for earn
profits, such as securities, for financial investment.
The affluent people, according to the survey, usually favor
spending more time with their families. They value happy families
as "the most important for a successful life."
Some 73.6 percent of the surveyed said they are willing to
donate for charity.
A total of 92.6 percent affluent people spent more than
US$10,000 in traveling in 2006. Hong Kong, Macao, Thailand,
Singapore and Japan were usually their favorite destinations.
(Xinhua News Agency August 16, 2007)