383,000 millionaires in mainland China

Yesterday, the world famous commercial media Forbes (Chinese version) and China Construction Bank in Beijing held the "2010 Chinese Wealth Management Forum", and published the 2010 China Private Wealth white paper.　　The report said that by the end of 2010, China (excluding Hong Kong, Macao and Taiwan region, the same as the same) private investment assets of more than 10 million yuan of the rich will reach 383,000 people. The number of millionaires, tens of millions, 383,000 billionaires, more than 20,000 people, according to China Construction Bank's request, the Forbes (Chinese version) launched the first large-scale research on Chinese private wealth.　　Based on 1429 effective questionnaires and a large number of interviews, this research concludes the 2010 China Private Wealth White paper ("white Paper") with empirical research and model deduction. The white paper reveals the amount and distribution of private wealth in China over the past 3 years, as well as the number and distribution of high net worth people (more than 10 million yuan in private investment assets). The white paper said that liquidity dominated China's capital markets and real estate markets in recent years, allowing China to move rapidly out of the financial crisis, while private wealth grew markedly and the high net worth population expanded. In 2009, there were 331,000 individuals with more than tens of millions of assets in China, and it is expected that by the end of 2010 the population could reach 383,000.　　Among them, the investment assets of billions of ultra-high net worth of people increasing year in 2008, China's ultra-high net worth of more than 15,000 people, 2009 growth of 26.7%, close to 19,000 people, 2010 is expected to be more than 20,000 people.　　The 22.4% white paper, which can invest assets in the country's total assets, defines cash/deposits, stocks, funds, bonds, real estate, alternative investments as private assets, and excludes the parts of residential property and illiquid assets as private investments. According to estimates, in 2009, China's private investment assets amounted to 85.4 trillion yuan, compared to the end of 2008 net increase of 27%. Among them, financial assets accounted for nearly 60%, investment property accounted for nearly 38%.　　The total private investment assets in China are expected to close to 100 trillion yuan in 2010. From 2008 to 2010, the proportion of individual investment assets owned by tens of millions of Chinese people in China increased by 19.9%, 21.4% and 22.4% respectively.　　This means that by the end of 2010, 383,000 millionaires will hold about 22.4 trillion yuan in investment assets. Group characteristics 60后 70后 is the main male of more than 70% in the tens of millions of rich, 60后, 70后 is the main force (Figure 3), male accounted for more than 70%, industry and investment is the major source of their wealth.　　Most of these are from trade, manufacturing, finance, real estate and IT industry, but in recent years, TMT (Technology/media/communications), energy, logistics, health care industry has become the cradle of millions of rich. In addition, the data show that among all the tens of millions of millionaires, 76.8% are from private enterprises, 64.1% of the richis the owner of private enterprises. Geographical distribution Guangdong is the most rich in Beijing 27,000 people from the geographical view, nearly 53% of millions of millionaires gathered in Guangdong, Zhejiang, Jiangsu, Beijing and Shanghai Five, nearly 70% of the billionaires also distributed here.　　Among them, tens of millions of people in Guangdong, the largest number of 80,000, followed by Zhejiang Province, there are 41,000 people, Jiangsu, Beijing and Shanghai tens of millions of people between 25,000 to 28,000 people, Beijing has 27,000 people, 28,000 people in Jiangsu, 27,000 people in Shanghai.　　The white paper shows that tens of millions of rich have a bachelor's degree. Financial characteristics of more than 70% wealthy investment in real estate research shows that after the baptism of financial turmoil, tens of millions of rich people investment tools, investment strategies tend to diversify, Fang stock market is still the most popular.　　The assets preference and risk tolerance of tens of millions of millionaires are affected by industry and region distribution. Of the tens of thousands of billionaires surveyed, 89% per cent used personal asset investments. 40.8% of respondents chose at least 3 types of investment vehicles, with real estate and equities being the most popular investment in 74.4% and 68.2% of the vote. Investment assets under 50 million are particularly keen on real estate investment. However, with the expansion of asset size, the proportion of real estate investment is significantly lower, alternative investment is welcomed by the billionaire, especially private equity investment.　　Overseas investment is also on the rise in China's affluent population, with 22.6% of millions of billionaires saying they hold offshore assets, and Hong Kong is the preferred destination for its offshore assets. The bigger the asset, the more risk aversion the white paper shows that tens of millions of wealthy financial preferences are affected by industry and geography, but asset size has a more structural impact on their style.　　Research data show that financial practitioners have the lowest cash and deposit allocation, the real estate industry, tens of millions of rich people are familiar with the industry, about 40% of capital investment in the housing market; Shanxi's rich prefer cash and deposits, while Beijing and Shanghai's tens of millions are making alternative investments. On the whole, with the expansion of asset size, the risk aversion of tens of millions of millionaires is increasing. The survey found that people who first entered the threshold of tens of millions want to expand their wealth. People with more than 1 billion of wealth tend to be conservative. They are choosing a low risk-focused asset-protection ratio that is the highest in all asset-level groups, accounting for 36%.　　The goal of financial management also pursues the inheritance of family wealth, the rationalization of asset arrangement and the high quality of later life.　　More and more willing to participate in charity it is worth noting that, in addition to luxury consumption and investment, China's tens of millions of wealthy are increasingly willing to participate in charity, collection. According to the survey, about 11.8% of millions of millionaires often participate in charitable activities. Disaster relief, education and poverty alleviation are the 3 areas of concern to them, with private charitable organizations and civil affairs departments as the main sources of donations, but sometimes they donate directly to individuals in need. The Forbes 2010 Charity list shows that 100 mainland non-state-owned enterprise entrepreneurs donated in 2009 amounted to 2.59 billion yuan. The white paper argues that philanthropy is becoming a significant part of the new financial needs of millions of wealthy people in the maturing age of wealth,There is great potential for philanthropy in China.　　In addition, 10.3% of the respondents chose to invest in art collections, of which nearly 70% gathered in Guangdong, Zhejiang, Jiangsu and Shanghai 4. Seven adults to play their own wealth according to the calculation, China's tens of millions of million in 2009 investment assets amounted to 18.3 trillion yuan, and China's tens of millions of millionaires nearly 60% of the assets of financial assets, to maintain and increase the value of their common problems faced.　　For individual investors, it is more difficult to achieve a stable inflation-resistant earnings and increased demand for professional wealth management services.　　The white paper notes that about 70% millions of people in China now rely on themselves or their families to take care of their assets independently, one of the main reasons is that China still lacks the professional financial services that millions of wealthy people trust. More than half of the people's wealth to invest in property the managing director of Goldman Sachs (Asia) investment banking, 50-60%, said at the forum that the wealth structure of the Chinese people was very distorted and that the wealth of the citizens was in real estate, while other countries were usually around 30%.　　On the contrary, the wealth-related assets accounted for is too low, only more than 20%.　　He said that the Chinese people's wealth concentration is very high, in the past when there is no real estate, basically is to deposit a bank, suddenly have real estate, basically is to buy a house.　　In his view, this kind of property-biased wealth structural distortion, is caused by the real estate "bubble" one of the reasons, because the people do not have the choice of financial products, the House as a financial products to buy, the house as a pension, medical security products. Next year may raise interest rates again ha forecast, next year China's GDP growth will reach 10%, may appear before the low post high situation, this and macro-control has a certain relationship, cardinal factors will also play a big role.　　Economic growth reached 12% per cent in the first quarter, followed by a quarterly slowdown, so it is likely that the economy will grow at a higher rate than before, if it looks to the year ahead. In contrast to the economic growth of the former low after high, Ha said that next year's inflation will appear before the high and low status.　　This year's CPI, on the one hand, is rising from the top to the next, and the first half of the year will be more severe than the second half, on the other. Imported inflation will be triggered mainly by the rise in global commodity prices, and HA predicts that the price of copper will exceed $10,000/ton in the coming year, and gold will rise from 1400 to 1700 dollars/ounce.　　These commodity prices will be mainly concentrated in the first half of next year, slightly better in the second half.　　He argues that the likelihood of continued interest rate hikes in the first quarter of next year cannot be ruled out, and that there is a chance of raising the reserve requirement ratio. This edition of the reporter Gaochenwu