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GroupM Knowledge and Hurun release Wealth Report

31 July, 2012


SHANGHAI — Hurun Report together with GroupM Knowledge today released the GroupM Knowledge – Hurun Wealth Report 2012. This is the fourth wealth report by Hurun and the second consecutive report working in association with GroupM Knowledge, the knowledge management arm of GroupM, the world's number one media investment management operation.

The report analyses the number of millionaires broken down according to their regional distribution across China, including analysis of their investments, consumption trends, charitable donations, social responsibilities, and media use. For the first time, this report also includes research on the media placement of high-end brands.

Rupert Hoogewerf, Chaiman and Chief Researcher of Hurun Report, said, “As China is set to become the world’s biggest market for luxury, it is critical to understand the Chinese luxury consumer.”

Eve Lo, Chief Knowledge Officer, GroupM China, said, “Understanding the behavior, attitudes and preferences of the wealthy class will help luxury brands to actively connect and engage with Chinese millionaires and their unique lifestyles. With luxury consumption as one of the main drivers of the Chinese consumer market, such insights into the world of the super-rich are invaluable to brands.”

Chinese individuals with more than RMB 10 million (equivalent to US$1.6 million) broke through the one million mark for the first time, reaching a record 1,020,000 individuals, an increase of 6.3% over the previous year. Furthermore, China is home to 63,500 super-rich, defined as individuals with RMB 100 million (equivalent to US$16 million), an increase of 5.8% from that of last year. At present, for every 1300 persons in China, there exists one millionaire. As of the end of 2010, there were 960,000 millionaires and 60,000 super-rich, whilst the end of 2009 recorded 875,000 millionaires and 55,000 super-rich.

The report denotes China’s millionaires as those with personal wealth of RMB 10 million or more. The report takes into account both fixed assets and investable assets. Fixed assets include self-owned listed or unlisted stock rights, owner-occupied real estate, and investment real estate. Investable assets consist of shares, funds, debenture shares, deposits and insurance.

Hurun Report conducted face-to-face interviews with 503 of these millionaires, including 54 billionaires. The findings provide a fascinating insight into the demographics and lifestyles of wealthy Chinese.

84% of China’s wealthiest individuals were concentrated in the Eastern, Northern and Southern regions of China. Beijing is home to the most number of China’s wealthy individuals, with 179,000 millionaires and 10,500 super-rich. Guangdong follows closely behind in second, with 167,000 millionaires and 9,500 super-rich. Coming in third is Shanghai, with 140,000 millionaires and 8,200 super-rich.

Rising property prices and a fast-growing GDP have been the key drivers for the growth in the number of Chinese millionaires. In 2011, China’s GDP grew by 9.2%. Property
prices in 2010 rose across the country by 13.7% according to a report published by China’s National Bureau of Statistics, with luxury property prices rising even faster – luxury property prices in Shanghai are up 21% from last year.

Travel is the biggest area of consumption for the Chinese millionaire. They spend an average break of 20 days a year. The main reasons for going abroad are holidays and business. Sanya (Hainan Island), Hong Kong and Yunnan are the top three destinations in China, while France continues to be the most popular international destination, followed by the US and Australia.

Although the consumption of luxury goods is still a predominant habit amongst the rich and super-rich, this year saw an increasing number of millionaires begin to pursue a low-key lifestyle. Spending on their children’s education continues to increase, with a clear preference towards sending their children abroad. This is accompanied by the rise of emigration out of China and investment in overseas real estate. Although new housing market regulation policies were introduced in 2011, resulting in a downturn in the domestic real estate market, buying property, however, is still the preferred investment choice for millionaires, with interest in fixed income and stock investments also on the rise.

The importance and emphasis which Chinese millionaires place towards education is reflected in more than 85% of millionaires planning to send their children abroad for education, whilst among billionaires, this figure is 90%. The United States, the United Kingdom and Canada are the favorite destinations for education, while Canada, the United States and Singapore are the favorite destinations for immigration purposes. More than 16% Chinese millionaires have already emigrated or have already submitted immigration applications, while 44% have plans to do so in the near future. The boom in overseas education for their children and a desire to live abroad has driven Chinese millionaires to invest more readily overseas. One third of millionaires own investable assets overseas, with this figure reaching 55% for millionaires in Southern China. Overseas assets account for 19% of millionaires’ total assets.

Comparing media investment of Top 10 luxury brands across different categories, the cosmetics category ranked 1st, with television being the key media type accounting for 76% of its media investment. The alcohol category came in 2nd place with almost 90% of its total media investment on television, driven mostly by local premium alcohol brands. The property category preferred media exposure on newspapers while the jewellry category invested almost 60% on television. Finally, the watch category invested quite evenly across television, newspapers and magazines.

About GroupM China
GroupM is WPP’s consolidated media investment management operation, serving as the parent company to agencies including Maxus, MEC, MediaCom and Mindshare.

GroupM is the global leading media investment management group.

GroupM employs more than 1800 people in eight cities across China. With total media billings in excess of USD 5.11 billion (RECMA: 2011 Definitive), GroupM is China’s top media communications group and the industry’s biggest investor in syndicated and proprietary media research and optimization tool development.

About GroupM Knowledge
GroupM Knowledge is GroupM’s think tank and knowledge management arm in China. This unit is responsible for industry-wide thought leadership research, exploring issues affecting the media industry in China; working with syndicated research suppliers, and managing the Group’s proprietary tools, research and systems. The unit also manages a media consultancy, advising clients with specific media research requirements.

For media queries, please contact:
Diana Wang
GroupM China
Tel: 021 - 2307 7703

About Hurun Report Inc.
Nobody Knows China’s Rich Better!

Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading luxury publishing group based in Shanghai, China. Hurun Report Inc. has a stable of four luxury magazines, the Hurun Research Institute and an active business events division targeting China’s entrepreneurs and high net worth individuals.

The flagship Hurun Report magazine is published monthly and reaches the households of 106,000 proven wealthy Chinese individuals and their advisers. Hurun Report is best known for its annual Hurun China Rich List, widely considered the bible of wealth and de-facto Who’s Who of Chinese business.

Hurun Report Inc. also publishes Horse & Polo, The Schools Guide Series and Wings & Water.

Horse & Polo provides in-depth coverage about horse related issues including features on Polo, Dressage, Horse Racing, Bloodstock as well as Dogs and Croquet. The magazine is designed to be the glamorous companion for wealthy Chinese with a passion for horses.

The Schools Guide Series explains the respective education systems of various destinations such as the UK, US, Canada, Switzerland and Singapore, issues parents need to take into consideration when making the transition from the Chinese system, and lists the top preparatory, secondary and undergraduate schools.

Wings & Water is for the so-called lion kings of China; those individuals who lead industry and shape opinions. It addresses the needs of those entrepreneurs looking to purchase a jet or yacht, as well as setting out how to maintain these big and costly machines.

For further information, see  

For media queries, please contact:
Angel Fu
Hurun Report
Tel: 021 - 5010 5808*160
Mobile: 137 6432 9969

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