Where China’s New Rich Are Putting Their Money

The Chinese Luxury Consumer White Paper 2012 was released on Tuesday, and revealed that China now has 2.7 million people with personal assets of more than 6 million yuan ($950,000). Forbes finds that China’s new wealthy elite is increasingly willing to put their money in savings rather than spending it on nigh-end items:

So where are the Chinese wealthy putting their money to use these days?

Xu Xin, president of Deer Jet, a subsidiary of the Hainan Airlines Group, told China Daily that he is very optimistic about the Chinese business aviation market due to the increasing number of rich people in China and their willingness to spend more on business jets.

Almost half of wealthy individuals intend to take part in training programs over the next three years, the paper reported. More than one-third of them like to attend conferences and lectures, while almost 30% taken part in executive MBA programs or further education classes. More than three-fourths of them feel that the biggest benefit they get from this sort of activity is in helping expand their social networks, according to the study.

Just because they’re rich, it doesn’t make them shopaholics. Having passed through the status seeking phase, many of China’s rich have now entered the stage of wealth preservation instead.

Read more about the findings in the White Paper via China Daily. See also more about wealth in China via CDT.

March 28, 2012 3:03 PM
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