Much of the consumption power is in the hands of China’s 2.7 million millionaires (in US dollars). China rich list founder Rupert Hoogewerf or Hurun gives in Adage the profile of the super rich.
Adage:
But who are these consumers? About 2.7 million people in China have at least a million dollars, says Rupert Hoogewerf, who founded the Hurun Report luxury publishing house that issues a hotly awaited annual China Rich List.
Then there’s the “superrich,” defined by Mr. Hoogewerf as the 63,500 people with $15.8 million or more. On average, they are 43-year-old men with a 41-year-old wife and a 14-year-old child. They haven’t been wealthy long. “It was after 2007 that people suddenly had the real money,” Mr. Hoogewerf said. The superrich are going back to business school, collecting watches and art and playing golf. (The women do yoga.)
Some 90% of the superrich hope to send their children abroad to study, and Mr. Hoogewerf advises marketers to “get to the children,” who influence Chinese opinion when they bring brands home.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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