Millionaires need US$10m to retire comfortably in China: Hurun
Staff Reporter 2013-07-27 10:00
Rupert Hoogewerf, founder of the Hurun Report. (Photo/CNS)
A millionaire in China needs to accumulate at least 63 million yuan (US$10.3 million) before he or she can retire happily and not worry about about their business, according to the Hurun Report.
In general, high net-worth individuals need to earn an average 2 million yuan (US$326,000) a year to maintain their quality of life and should save around 40 million yuan (US$6.5 million) before they retire.
It is also common for them to buy accommodation, including apartments or villas in both their hometowns and in Beijing. While they spend millions of yuan on expensive luxuries and decorating their properties with furniture and art, needing an additional 23 million yuan (US$3.7 million).
The Hurun Report said that the number of millionaires in China has soared over the past few years, and that a new class of rich people is likely to emerge in the near future. The new social class will be characterized by "wisdom, status and responsibility," according to the report.
China's wealthy are often negatively portrayed in the country's media, however the report said that among the 2,500 high net-worth individuals cited in the report since it was created, only 26 were involved in illegal activities.
Established as a research unit in 1999 by Rupert Hoogewerf, a certified chartered account from Luxembourg, the Hurun Report has grown into a leading luxury publishing group based in Shanghai. The group encompasses four magazines, the Hurun Research Institute and a business events division targeting China's entrepreneurs and high net-worth individuals.
