140 years ago, Visas Consulting Group was founded in Montreal,
Canada. Time has fown, and today Visas Con-sulting Group has
expanded to all the main immigration countries and regions,
including the US, Canada and Eu-rope; this year, 2014, we celebrate
our 17th year in Chi-na. Our services are expanding, and our team
is growing, but VisasConsultingscreedhasneverchanged:tohelp our
clients build a better life in a new
country.Ihadthepleasureofbeinginvolvedinthefounding of
VisasConsultingGroupsfrstChinaoffcein1997. In the 17 years since, I
have witnessed the gradual
ma-turingoftheimmigrationindustryinChina,andhave
usedmyprofessionalbackgroundandknowledgeof the law to lead Visas
Consulting Group to assist tens of
thousandsofclientsinsuccessfulimmigrationapplica-tions,enablingthemtofulfilltheirpromisestotheir
families, and to follow their dreams.Today,
VisasConsultingGroupistheleaderinChi-nas immigration industry. I
often ask myself: what is it thathasenabledustogrowsorapidly?
Whatisitthat makesourclientsselectus?Wheneverwearesifting
throughUSEB-5projects,ortrainingCanadianimmi-grant investor program
applicants for interviews, when-ever we are making arrival
arrangements for clients who
havesucceededintheirapplication,Irealizethatthe reason is obvious
and I become all the more convinced of this fact - expertise
determines whether you succeed or
fail.VisasConsultingsteamoperatesaccordingtothe
standardsofleadinglawfrmsinternationally. Whenit
comestothekeystepsintheimmigrationapplication
process,Iamalwayspersonallyinvolvedinthelegal decision-making.
Wealsoalwaysadheretoapolicyof
professionalandtransparentrelationsbetweenclient
andlawyer:fromthemomentaclienthiresus,tothe
momenttheysuccessfullyarriveintheirdestination
country,wefullyguaranteetheirlegalrights. At Visas
Consulting,ourcompanyidealsrecognizethatimmi-grationisinextricablylinkedtothedreamsofourcli-ents'entirefamilies,andtotheirfutures.Ourprofound
awarenessoftheimportanceofimmigrationtoeach family means that we
will never shirk the responsibility they place upon our shoulders.
We are honored to have established a strategic coopera-tive
partnership with Hurun Report in 2014. This strategic relationship
is of great signifcance: Hurun Report
special-izesinresearchingthelivesofChinasrich,while Visas
Consulting is a bridge to a life abroad for wealthy Chinese people.
There is no doubt that our cooperation will estab-lish a new
professional benchmark for the industry. Expertise is Visas
Consulting Groups way.Foreword Visas Consultings team operates
according to the standards of leading law firms internationally...
from the moment a client hires us, to the moment they successfully
arrive in their destination country, we fully guarantee their legal
rights. David Chen Partner Lawyer, Visas Consulting Group;
Immigration SpecialistVC-EN.indd 1 2014/5/28 17:07:532About Visas
Consulting GroupCreating a Better Life in a New NationImmigration
DataImmigrant Investors Survey and AnalysisOverseas
Investment45681216182024EducationHappiness IndexHurun Wealth
ReportAbout Hurun ReportWith thanks to the following for their
contributions:Echo Wang, Liu Yu, Kingsley Wang, Sara Cai, Quincy
Hu, Duncan Hewittontents CPhoto: Getty ImagesVC-EN.indd 2 2014/5/28
17:07:5333In1999,whenIcompiledthefrstChinarichlist,we
stipulatedthatwealthypeopleneededtobeChina-born and bred in order
to qualify for inclusion on the list but
wedidnotinsistthattheyhadtobeChinesepassport holders. This was
because, even then, we had noticed the emergence of immigrant
investors: some wealthy people had immigrated to other countries,
though there had not beentoomuchchangeintheirlivesorwork. Theyhad
carried on living and investing in China: having a foreign status
was purely a matter of convenience.
AccordingtotheHurunReportChineseLuxuryCon-sumerSurvey2014,64%ofChinasmillionaireshave
already emigrated or are in the process of applying to do so.
Migrating as an immigrant investor has become both a distinct
trend, and a widely debated topic. So I am very happy that Hurun
Report and Visas Consulting Group are
nowjointlypublishingthisreport,VisasConsulting- Hurun: Immigration
and the Chinese HNWI 2014.FromMarchto April,HurunReportand
VisasConsult-ingsurveyedatotalof141highnetworthindividualsin
variousmajorcitiesaroundChina.Theiraveragewealth was 42 million
RMB. The survey provided us with our frst detailed insight into why
HNWIs decide to apply to migrate under the immigrant investor
program, and the current mi-gration situation. It demonstrates that
the interviewees have many reasons for migrating, but the most
common motiva-Introduction Hurun Report has been aware ofthe
emergence of immigrant investorssince 1999, and has been observing
this sector of society ever
since.tioniseducation,followedbyconcernsaboutenviron-mentalpollutionandfoodsafety.
Thisechoestheresults of previous Hurun Report surveys on related
topics. OtherkeyconclusionsincludethefactthatLos
An-geles,SanFranciscoand Vancouverarethethreemost
populardestinationsforimmigrantinvestors.Buying property,
meanwhile, is the most popular form of
over-seasinvestment.Onaveragethosesurveyedwillbuy apartments valued
at 6 million RMB [around US$1 mil-lion], mainly for their personal
use; real estate markets intheUS,Canadaand
Australiahavealreadyclearly been infuenced by Chinese buyers.
Another signifcant discoveryisthatthemajorityofintervieweeshave
investedonlyafairlysmallproportionoftheirassets
overseas:morethan70%haveinvestednomorethan 20% of their total
assets abroad.As noted above, Hurun Report has been aware of the
emergenceofimmigrantinvestorssince1999,andhas
beenobservingthissectoreversince.Wehavecon-stantlybeenonthelookoutforoutstandingpioneersin
Chinas immigration industry. Some three years ago, we
begantocooperatewith VisasConsultingGroup,and quickly came to the
conclusion that they were the lead-ers in Chinas immigration
sector. Hurun Report knows Chinas rich, and has borne wit-ness to
the development of private enterprise in China.
VisasConsultingGroupknowsthebusinessofimmi-gration,andhasbornewitnesstotheshiftsinChinese
migration. Now, in this joint report, we offer an insight
notjustintothepeoplebehindthestatistics,butalso
intoamajortrendwhichnotonlycannotbeignored, but is also worthy of
serious contemplation. VC-EN.indd 3 2014/5/28 17:07:544Thehistoryof
VisasConsultingGroup(VCG)can
betracedbackto1974,whenfoundingpartnerand lawyer, Gaston Perron,
opened an immigration practice in Montreal, Canada.Now, 40 years
later, Visas Consulting Group has
be-comealeadinginternationalproviderofimmigration legal services,
with wholly owned or joint-venture legal
practicesintheUS(SanFranciscoandLos Angeles), Canada(Montrealand
Vancouver),theUK(London), Australia, (Sydney) and New Zealand
(Christchurch). Visas Consulting was also one of the earliest
immigra-tion advisory companies to enter the Chinese market, and
nowhasbranchesincitiesincludingShanghai,Beijing,
Guangzhou,Shenzhen,Chengdu,Suzhou,
Wuxi,Hang-zhouandNingbo.Inordertoprovidethemostdirect,
thoroughservicetoChineseclients,VCG'spermanent
staffinChinaincludesalargeteamofforeignlawyers,
immigrationadvisersandgovernmentregisteredim-migrationconsultants.
VisasConsultingGroupalsoem-ploys a number of former immigration
offcials with rich experienceinassessingChinesecitizensimmigration
applications.
Toensureprofessionalstandardsandqual-ityofservice,aforeignlawyerandanexpertimmigra-tion
adviser always take personal charge of each case.Over the past
forty years, Visas Consulting Group has
helpedtensofthousandsofapplicantstoimmigrate; VCG's success rate
has long set us apart from our peers
intheindustry.Inparticular,whenitcomestotheUS
EB-5investmentprogram, VisasConsultingGrouphas long maintained a
100% success rate in three key areas:
projectsuccessrate,I-526provisionalGreenCardsuc-cess rate, and
I-829 permanent Green Card success rate.
VisasConsultingGroupsprofessionalstandardsand
qualityofservicehavewonnotonlypraisefromclients, but also formal
recognition from the immigration services ofthetargetcountries. As
AndreBoulerice,formerim-migrationministerofQuebec,putsit,VisasConsulting
Group has a long history, rich experience and an excellent
reputation.WhenIwasimmigrationminister,theout-standingqualityoftheirapplicationdocumentsandtheir
excellent success rate left a profound impression on me.
LouisLeblanc,Vice-PresidentoftheNational
BankofCanada,andthepioneerofCanadianim-migrantinvestorprogram,adds,VisasConsulting
Groupstandsoutamongimmigrationagenciesforits
outstandinglawyers,excellentinterviewtrainingand thorough
relocation services.
LarrySilverstein,USrealestatetycoonandpresi-dentofSilversteinProperties,developerofthe
World
TradeCentersite,says:WechoseVisasConsult-ingGroupasourpartneronEB-5projects,notonly
becauseit'sthebestimmigrationconsultancyinthe business, but also
because the two companies share the same values: Sincerity frst,
reputation above all."
VisasConsultingGroup'shighlypraisedrelocation
serviceincludesmeetingclientsonarrival,helping
themfndtherightplacetolive,andorganizingtheir
childrenseducation.Ithasestablishedrelocationser-vicecentersinallthemajorimmigrationdestinations
Los Angeles,SanFrancisco,New York,Bostonand
Seattle;Vancouver,TorontoandMontreal;London, and various other
European countries. Visas Consulting Group is committed to
maintaining its leading position in the feld of immigration
services, pro-vidingclientswithexpert,timelyandthoroughservice,
andtosatisfyingeachclientsspecifcneeds. Aboveall, VCG sees
protecting each clients interests as its duty, in order to help
them build a better future in a new
country.VisasConsultingGrouphasbeenaleadingproviderofinternationalimmigrationlaw
services for four decades, offering expert advice to help its
clients build a better future. Visas Consulting GroupVC-EN.indd 4
2014/5/28 17:07:555David Chen, partner lawyer at Visas Consulting
Group, has worked in the
im-migrationfieldfor17years.Heismotivatedbyasenseofachievement:My
contributionistogiveourclientsanotherchoice,andgivetheirchildrenthe
chanceofabetterchildhood,hesays.ThisechoesVisasConsultingGroups
mission: To create a better life for you and your children in a new
country. Creating a Better Life in a New NationCreating a Better
Life in a New NationHurunReport:Youveworkedinimmigration since
1997. What keeps you in the
sector?David:WhenIstartedmycareerIwasattracted
bythefactthatthiswasanewareaoflaw.Ialso
believedthatthemarkethadhugepotential,since
almosteveryoneinmygenerationofuniversity students dreamt of going
abroad. Ive stayed in the feld because I really believe our
services can help alotofpeople,andchangetheirfamilies'futures.
Asalawyer,mycontributionistogiveourcli-entsanotherchoice,andtogivetheirchildrenthe
chanceofabetterchildhoodinanewnation.It's this sense of achievement
that motivates me!What attracts a client to choose an agent? What
makes Visas Consulting Group special?
Whencustomersselectanimmigrationagency, they look at a range of
factors, such as the size of
thecompany,andhowitsstafftreattheirclients.
Butintheendmostpeoplebasetheirdecision
onthecompanyslevelofexpertise. Whatmakes Visas Consulting special
is our expertise, and also
thefactthatweprovideafullservicetohelpour clients settle into their
new lives abroad. The
suc-cessoftheirimmigrationapplication,alongwith
theirpositivefeelingsaboutourservice,means that our clients often
recommend us to friends and relatives were proud of the fact that
40% of new customers are recommended by former
clients.Aretodaysmigrantsusuallywellpreparedfor moving abroad? I
would say that today's Chinese immigrant inves-tors are an
extremely mature group, with a certain level of resources; most of
them are entrepreneurs orseniorexecutives. Theyhaveverycleargoals
inapplyingforimmigration,forexampletheir
childrenseducation,ortodiversifytheirassets. Were also now seeing
some people migrating for healthreasons,becauseofChinasproblemswith
pollution and food safety, as well as entrepreneurs migrating
because they want to expand their busi-nesses in overseas
markets.Whatarethelatesttrendsininvestorimmigra-tion?Before2005,onlyafairlylimitednumberof
peopleappliedforimmigrantinvestorprograms; most were aged between
40 and 55, and were the headsofprivateenterprisesfromChinascoastal
regions.Sincethen,weveseenagradualbroad-ening of the types of
applicant: the catchment area
isexpanding,fromthecoaststothehinterland;
itsnolongerjustentrepreneurs,butalsosenior
executivesandpeoplewhoworkindependently; there are also more young
people applying today.What do you see as the signifcance of the
publi-cation of this joint report? This survey gives us a chance to
assess the poten-tialforChineseimmigrantinvestors.Itoffersan
insight into this group of people's motives for
mi-grating,thecountriestheyfavor,andtheservices they require,
including education, thus enabling us
tobetterunderstandfuturetrendsintheindustry, and to provide better
services in this feld.David Chen [Chen Zhaohui]Partner Lawyer,
Visas Con-sultingGroup;experienced immigration lawyer.
Gradu-atedwithanLLBdegree fromLawschoolofFudan
University,Shanghai,in 1992,andqualifiedasa lawyerthefollowingyear.
Hehasprovidedimmigra-tionservicessince1997, makinghimoneofChinas
longest-servinglawyersin this feld.VC-EN.indd 5 2014/5/28
17:07:566By2013,Chinawastheworldsfourthlargestemigration nation,
with 9.3 million people having moved to other
coun-tries.TheUS,CanadaandAustraliaremainthetopthree
destinationsforChinesemigrants,whileEuropehasgradu-ally become
another popular choice.Immigration DataPhoto: Getty
ImagesVC-EN.indd 6 2014/5/28 17:07:577SourceWolfsdorf Immigration
Law GroupUS EB-5 immigration visas issued EB-5 visas issued
worldwideEB-5 visas issued to Chinese 2008 2009 2010 2011
201213604218346324087641612419791885772360Onthemapofglobalemigration,Chinahasnowas-sumed
an important status. According to the UN's Inter-national Migration
Report 2013, there are now 232
mil-lionmigrantsglobally,or4.2%oftheworldpopulation.
Between1990and2013,thenumberofmigrantsfrom China increased from 4.1
million to 9.3 million. From
beingtheseventhlargestmigrationnation,Chinanow
ranksfourth,behindIndia,MexicoandRussia.Interms
ofSouth-Northmigration,itrankssecond,alongside
India,with8%ofthetotalnumberofSouth-Northmi-grants, behind only
Mexico with 13%.AccordingtoThe
AnnualReportonChineseInter-nationalMigration2014,by2012therewereatotalof
45.78 million immigrants in the USA, or 14% of the total
population. Asthemostpopulardestinationformi-grants globally, the
US is also the top choice for migrants fromChina.
AccordingtotheWorldBank,therewere
1.96millionChineseimmigrantsintheUSin2010.
TheproportionofEB-5immigrantinvestorvisasissued by the US
Citizenship and Immigration Services to
Chi-nesecitizens,meanwhile,soaredfrom26%ofthe total in 2008 to 80%
in 2012. Canadaisthesecondmostpopularemigration
destinationforChinesepeople.Governmentsta-tisticsshowthatsome258,000Chinesemigrants
obtainedpermanentresidencyinthedecadeto 2012, or 0.7% of the total
population. A further 1.09
millionobtainedtemporaryresidency.Withthe exception of 2010 and
2011, when it ranked second
behindthePhilippines,Chinahasbeenthelarg-estsourceofmigrantstoCanadaeachyearsince
2003.In2012,33,000Chinesemigrantsobtained
permanentresidencyrights;therewerealso15,000 Chinese people with
Canadian working visas. China has also topped the rankings for
student visas since 2003: in 2012, over 80,000 Chinese people held
Ca-nadian student visas; the Republic of Korea and the US lagged
far behind in second and third place. Australias population was
21.51 million in 2011, up 8.3% from 2006. Much of this increase was
due toimmigration:byJune2013, Australiahad6.4 million migrants,
equal to 27.7% of its total
popu-lation.Chinesemigrantsaccountedfor1.8%ofthe
population,behindonlytheUK(5.3%)andNew Zealand
(2.6%).Europehasalsobeengrowinginpopularity.By
2011,thenumberofChineseimmigrantsinEU countries reached 2.31
million. The top destinations were the UK (630,000), France
(540,000), and Italy (330,000),followedbySpain(170,000),Germany
(170,000)andHolland(160,000).Theincrease in migration has also
boosted bilateral trade, which grew to 42.7 billion dollars by
2009.Note Thesestatisticsrefertothenumberofnon-nativeresidents
calculatedbytheUN,withnobreakdownastowhetherornotthese people have
received permanent residency or citizenship.Note
TheUNdefnesmigrationasmovingfrom:southtonorth,
fromdevelopingcountriestodevelopedcountries;north-north,be-tween
developed countries; north-south, from developed countries to
developing countries; and south-south, between developing
countries.Note These fgures from the Australian Statistics Bureau
are for the number of non-native residents, with no further
breakdown. Note These fgures from Eurostat and the European
Migration Net-work are for the number of non-native residents, with
no breakdown as to permanent residency or citizenship. VC-EN.indd 7
2014/5/28 17:07:578Migrants level of educationSources of
assets55%Bachelors degree30%Master's degree13%Senior high school or
below2%Doctorate31%27%23%10%6%3%Immigrant investors usually have
liquid assets of over 10 million RMB. More than half have degrees.
Quality of education and pollution are their main reasons for
migrating. The US and Canada are their preferred destinations, with
LA, San Francisco and Vancouver the most popu-lar cities.In 2011,
Hurun Report and the Bank of China jointly published the White
paper on Chinese peoples private
wealthmanagement,basedon980interviewsin18
mainlandChinesecities,whichrevealedthat60%of high net worth
individuals intended to leave the
coun-try.Thisnewswaswidelyreportedbymajormedia,
emphasizingthatemigrationattractsinterestfromall sectors of
society. This White Paper, Immigration and the Chinese HNWI 2014,
produced jointly with Visas
ConsultingGroup,seekstoprovideadetailedinsight
intosuchpeoplesreasonsformigratingtheiraims, their assets and
investments, their childrens education, and how this affects
succession in their businesses as
wellasassessingwhatinfuencesuchmassivemigra-tionmayhaveonChina.(N.B.this
WhitePaperonly covers investor immigration, not skilled-worker
immi-gration or other types of
immigration.)Thosewithliquidassetsofmorethantenmillion
RMBhaveagreaterchanceofbecomingsuccessful immigrant investors. Such
people tend to be relatively Immigrant Investors Survey and
Analysishighly educated. More than half have a bachelors degree,
more than30%amastersdegree;onlyasmallproportionhavere-ceived only
senior high school education or lower. Their assets come mainly
from their own savings from sala-ries, returns on investments, and
running their businesses. Only a small proportion inherited their
wealth and
savings.Educationistheirmainreasonforconsideringmigrating.
Feesareonefactor:inmanycountries,tuitionfeesforforeign
anddomesticstudentsaredifferent;thusoveranumberof
years,thecostofemigrationevensitselfout. Anotherfactoris the rapid
fall in the average age at which children go abroad to
study:manyparentshaverealizedthatifchildrenleavehome too early,
this can have a negative impact on their development. Therefore
they want the whole family, or at least the mother, to accompany
their children when they go abroad.Source: Visas Consulting - Hurun
Report, Immigration researchSalary and incomeReturns on
investmentOperating businessGiven by familySelling
companyInheritanceVC-EN.indd 8 2014/5/28 17:07:579Emigration
destinationsReasons for emigration21%20%19%15%11%8%2%2%2%1%1%Los
AngelesSan FranciscoVancouverNew
YorkTorontoSeattleBostonMelbourneNew
ZealandSydneySingaporeUKHongkong,
ChinaChicagoFranceCanberraJapanSpainItalySaint Kitts &
NevisPortugal12345678910111213141516171819191913.9%13.7%13.4%8.6%8.4%7.6%4.6%4.3%4.1%3.5%2.8%2.5%2.3%1.8%1.5%1.3%1.0%0.8%0.5%0.5%0.5%Source:
Visas Consulting - Hurun Report, Immigration researchEducation
qualityEnvironmental pollutionFood safetySocial welfareStandard of
medical careAsset securityReproduction limitsWhere to give
birthOtherIPOTax concernsProvince/City
RateIntheHurunReport/XingyeBank'sjointChinaSpiritualIn-vestments
WhitePaper2014,87%ofintervieweesexpressed
dissatisfactionatChinaspollutionproblem.Somecountries
havesoughttolureChineseHNWIsbypromisingahealthier and longer life.
The crisis in confdence in food safety has also become a signifcant
reason why HNWIs consider migration.
Only8%ofpotentialimmigrantinvestorsareconcerned
aboutthesecurityoftheirassets.Otherconcernsincludelim-itsonreproduction(i.e.Chinasfamilyplanningsystem)and
wheretogivebirth(linkedtoaccesstowelfareinvarious countries),
though neither of these is a major
factor.TheUSandCanadaremainthetopdestinations.While
CanadaabolisheditsFederalImmigrantInvestorProgramand
FederalEntrepreneurPrograminearly2014,rejecting57,000
Chinesepeoplewhowereintheprocessofapplying,research suggests this
has done little to dampen interest in Canada. Aus-tralia and New
Zealand are joint third
choices.Anexcessivelylongwaitingtimeisseenbymorethanhalf
ofmigrantsasthebiggestobstacleintheapplicationprocess. Language
barriers and the diffculty of integrating are other
ma-jorproblems.Consequently,manypeopleconsidermovingto,
orinvestingin,ethnicChineseneighborhoods. Thisisamajor factor in
the popularity of cities like L.A., San Francisco, Van-couver, New
York and Toronto among Chinese people. While the decision to
emigrate may be the result of a number of factors, the choice of
destination country may be infuenced VC-EN.indd 9 2014/5/28
17:07:5710Major diffculties in migration
process28%15%14%13%10%8%7%25%22% 22%21%11%3%3%Reasons for choosing
immigration countrySource: Visas Consulting - Hurun Report,
Immigration researchby factors such as simplicity of application
procedures, andtheeaseofgettingagreencard.Migrantsdonot
seemtobesignifcantlydeterredbyrequirementsfor an initial period of
compulsory residence; this suggests that few are seeking to gain
permanent residence status without actually moving to their chosen
country. Whenchoosinganagent,professionaladviceand past success
rate are the main criteria; a failed applica-tion not only means a
huge waste of time, but can also make it very diffcult to succeed
in future.China does not allow dual nationality, meaning
any-onewhogetsaforeignpassporthastogiveuptheir
Chinesecitizenship.Nevertheless,63%ofthosesur-veyedwouldconsidergettingaforeignpassportafter
immigrating. Atthesametime,40%fearedthatthe
lossoftalentandcapitalcausedbymassemigration would weaken China.
However,theUN'sInternationalMigrationReport 2013 emphasizes that
China is also becoming a migra-tion destination. In 2010, 685,775
foreigners held Chi-nese residence permits, while in 2009 there
were over 200,000 foreign students in the country, more than the
numberinCanadaor Australia.John Ashe,President oftheUNGeneral
Assembly,notesthatifproperly
managed,migrationcanreducepoverty,improvehu-man resources, and
contribute to global development. Excessive waiting timeLanguage
barriersDiffculties in assimilating into local societyApplication
problemsExcessively high costFeel lonely/helpless living
abroadFamily cannot all move togetherBusiness facing grim
outlookOtherEasy to get Green CardFriends and family already
thereOtherSimple proceduresCompulsory residency
requirementsVC-EN.indd 10 2014/5/28 17:07:5711Factors in selecting
a immigration agent27%23%13%10%10%9%4%4%Source: Visas Consulting -
Hurun Report, Immigration researchProfessional adviceSuccess
rateService/attitudeApproach to drawing up immigration
portfolioBusiness projects Friends recommendationsGuidance re. visa
interview Research trips to
destinationThe2014HurunGlobalRichListin-cludes458billionairesfromtheGreater
China region. 358 of them live in mainland
China,HongKongorMacau,37livein Taiwan, and 18 in
Singapore.TheUStopstherankingsforthemostimmigrantbillionaires, with
41, or 9% of its total number of billionaires. They come from a
number of countries and regions, including China, South Africa,
Hungaryand Taiwan. TheUKrankssecond,with30immigrant
billionaires,accountingfor39%ofitstotalnumber. Theycome from
countries including India, Russia, Brazil and the US.Source Hurun
Global List 2014Proportion of immigrant billionaires ChinaTaiwan
(China)SingaporeIndonesiaPhilippinesUSAMalaysiaThailandAustraliaUKTotal1234567899358371814888511458Where
they live No. of BillionairesUSAUKSwitzerlandRussiaHK,
ChinaSingaporeAustraliaCanadaUAEBrazilMonacoTaiwan (China),
Hungary, S Africa, India, China, IsraelIndia, Russia, Brazil,
USGermany, Russia, UK, Italy, France, SwedenUkraine, Azerbaijan,
KazakhstanTaiwan (China), UK, other EuropeChina, IndonesiaUS,
Southeast AsiaUS, UKIndiaLebanonItaly,
Lebanon4130171688776559%39%30%16%2%29%24%20%35%10%100%Immigration
Billionaires% of total Province/City Brought up inPlace of
residence of billion-aires from Greater ChinaVC-EN.indd 11
2014/5/28 17:07:5712Overseas InvestmentInvestment philosophy
Investment management approachMain areas of overseas
investmentSource: Visas Consulting - Hurun Report, Immigration
research 67%Stable and healthy growth, normal returns, a certain
amount of risk4%Aggressive growth, search for very high returns,
high risk29%Avoid all losses, protecting the security of
assets39%25%22%8%6%Migrantspreferstableinvestments.Real
estate,fixedincomeproductsandstocks
arethemostpopularareas.Assetdiver-sificationisthemainreasonforinvesting
abroad.Theymainlybuypropertyover-seasfortheirpersonaluse,inareaswith
good educational facilities.Investment
BehaviorInvestmentphilosophyandapproachesto investment
managementStableandhealthygrowthistheguidinginvestment
principleofthosesurveyed;67%favorthisapproach.
Only4%ofHNWIschooseanaggressive,relatively
high-riskgrowthstrategy.Withtheglobaleconomy
reviving,moreofthosesurveyedfavorrationalinvest-ment, with a fair
emphasis on limiting risks, rather than pursuing high profts,
regardless of the potential pitfalls.
Whenitcomestochoosinghowtoinvest,39%of those surveyed have a
preference for specialist
invest-mentinstitutions.Handlinginvestmentsthemselvesis the second
most popular approach, favored by 25%.Types of
InvestmentThethreemostpopularareasforoverseasinvest-mentarerealestatechosenby43.4%ofthosesur-veyedfxedreturninvestmentproductsfarbehind
with17.1%andstocks,with13%.8.4%ofrespon-dentsfavoralternativeformsofinvestment,primarily
jewelry, watches, red wine and works of art.
Chinasdomesticrealestatemarkethasnowen-teredarelativelymaturestage:researchbytheBank
ofChinasuggeststhat,withthetighteningofloans for 2015, and the
relatively high price base, growth in sales value will slow to
9.5%. Rely on specialist investment
institutionsSelf-managementAdvice from family or friendsRely on
private banksFollow advice from media Real estateFixed incomeShares
SavingsGoldPrivate equity Alternative investmentsNon-listed
ompanies43.4%17.1%13.0%9.3%8.4%3.3%3.0%2.6%VC-EN.indd 12 2014/5/28
17:07:5813Analysis of investment concerns Overseas investment
confdence indexAllocation of assets overseasSource: Visas
Consulting - Hurun Report, Immigration research
Extremelyconfdent20~50%ConfdentFairly confdentless than 5%Not
confdentNo responseover 50%15%52% 25%8%32%18% 18%12% 12%8%After
years of high growth, some Chinese real estate companies are
seekingtoreduceinventory,deepeningthemarketspredictionsfora
slowdown in price rises. Overseas property, meanwhile, seems to
offer valueformoney,andafairlysignifcantproportionofhighnetworth
individuals have gradually made overseas property their top
investment
priority.AccordingtoKnightFranks,Chi-nesebuyersbought27vineyardsinFrance'sGironderegion,totalling
15% of the area of vineyards sold. The fgures are particularly
striking since they come just years after the frst Chinese buyer
bought a vine-yard in Bordeaux, in 2008.Trusts and equity
investment will also develop in the future, and this
feldislikelytobecomeanewfocusforHNWIs.Investmentinequi-ties has a
high threshold, and high returns. With HNWIs generally quite
sensitive to returns on their capital, and willing to accept a
certain
risk-profitratio,theyarelikelytobecomeleadinginvestorsintrustsand
equities in the future, and the sector is likely to develop more
rapidly. Those surveyed identifed a lack of fnancial and investment
knowl-edge as their biggest challenge when investing (32%); a lack
of invest-mentchannelsandtimewasthenextmostcommonconcern.More
investmentandfinancialmanagementtrainingcourses,andawider
choiceofinvestmentchannels,wouldhelpaddresstheseproblems.
Oncewealthypeoplehaveathoroughunderstandingoftheirinvest-ment
options, and more choices of channels, their investment is likely
to increase. Investing
AbroadChinaisnowoneofthetop3nationsforoverseasinvestment,be-hindonlytheUSandJapan.
AccordingtotheChinesegovernment's
official2012StatisticalBulletinofChinasOutwardForeignDirect
Investment,16,000Chineseinvestorsestablished22,000directly-investedenterprisesin179countriesandregionsin2012,investinga
nettotalofUS$87.8billion.Ofthis,US$10.07billionwentintothe fnancial
sector, the rest into non-fnancial investments. The cumulative
totalofoutwardforeigndirectinvestmentwasUS$531.94billion,of which
US$96.45 billion was in the fnancial sector. With the international
economy showing signs of a gradual recovery
inrealestate,andagradualimprovementinmacro-economicindica-tors such
as the employment rate and PMI, more and more HNWIs are
expressingconfdenceininvestingoverseas:morethan50%ofthose
surveyedsaytheyareeitherconfidentorfairlyconfident.Those
whoareconfidentsaytheyplantobuypropertyoverseaswithinthe next three
years; those who are fairly confdent intend to buy property
overseas at some point in the future. Insuffcient knowledge about
investment/fnancial managementWish to make particular invest-ments,
but lack channels to do soNo time to make other
investmentsDiffculties in transferring fundsUnacceptably high
risksInsuffcient funds4.3%47.8% 18.1%29.7%VC-EN.indd 13 2014/5/28
17:07:5814Reasons for investing
abroad20%19%16%11%10%9%7%4%2%1%1%Overseas asset
allocationMostofthosesurveyedhaveinvestedarelativelysmall
proportion on average 16% of their total assets overseas, with more
than 70% investing less than 20% of their assets abroad. Only 8%
have put more than 50% of their assets into investments abroad.
However, as new channels for investing overseas continue to open
up, and as attitudes to investment
continuetomature,weexpectthatmoreandmoreHNWIs
willwishtoincreasetheproportionoftheirinvestments abroad.Reasons
for investing
abroadDiversifyingassetsandspreadingriskarethemostcom-monreasonsforinvestingabroad,citedby20%ofthose
surveyed. One major factor is the perception that there is an
element of 'bubble' in Chinas real estate prices, particularly
ascomparedtoaverageincomes,whilerealestateabroad appears to offer
good value for money. Childrens education
isanothermajorfactorinstimulatinginvestmentabroad, with 19% of
those surveyed citing this as a motivation.Investment immigration
thresholdOn average, respondents see 5 million RMB as an
appro-priate amount to spend on immigration. 44% see 2-5 million
RMB as ideal; 22% are willing to invest 2 million RMB.Overseas
PropertyChinesegovernmentfguresshowChineseinvestmentin
overseasrealestateofUS$2.02billionin2012.
Theslow-downinthedomesticrealestatemarket,andpredictions
offurthermarketcooling,arelikelytoleadtomorecapital fowing into
overseas property. Real estate company Knight Frank notes that more
and more wealthy Chinese people are
buyingpropertyabroad;manyattendoverseaspropertyex-hibitions or join
group trips to buy property overseas. Motivations and amount
invested 70%ofthosesurveyedbuypropertytoliveinthemselves;
onlyaroundone-thirdbuyitasaninvestment.Closetoa
quarterofthosesurveyedwouldconsiderbuyingpropertyin a country to
which they have no plans to emigrate; half,
how-ever,wouldnot.Onaverage,thosesurveyedwanttoinvest
around6millionRMBinproperty.45%wouldliketoinvest between 3 and 6
million RMB, 29% less than 3 million. A lack
ofknowledgeaboutinvestinginothercountrieslimitstheir investment. 6%
wish to invest more than 12 million RMB. Source: Visas Consulting -
Hurun Report, Immigration research Diversifying assets, spreading
risk Childrens educationInvesting in hope of being able to
emigratePreparing for future retirementHave idle cash, hope to
increase its value by investing abroadSecuring value of wealthMake
it easier to travel abroadOtherSee others earning from investments,
want to try tooMake it easier to develop business abroadWay to pass
on wealth to the next generationVC-EN.indd 14 2014/5/28
17:07:5815Source: Visas Consulting - Hurun Report, Immigration
research Amount to invest in overseas property (RMB) Most popular
places to buy real estateType of property to buy in 3
yearsNeighborhoods in which to buy property46%23%17%15%Los
AngelesSan FranciscoVancouverNew
YorkSeattleTorontoBostonSydneyMelbourneSingaporeNew
ZealandUK12345678999918%16.5%13.6%9.9%8.5%7.7%5.5%2.2%1.8%1.8%1.8%1.8%Province/City
Rate6%More than 12 millionNo response3~6 million45%Less than 3
million29%6~12 million15%5%Locations for buying property
overseasLos Angeles, San Francisco and Vancouver are the three most
popularcitiesforinvestment,largelybecausetheyarewell-known in
China, not least for their sizeable Chinese
communi-tieswhichmakeassimilationeasier.Thosesurveyedshowa clear
preference for North America, which supplies seven of the
tenmostpopularlocations.TheMelbourne,Singapore,New Zealand and UK
rank joint 9th, with 1.8% support. Preferred types of
property/neighborhoodStrikingly,only4%ofrespondentsarenotconsideringbuy-ing
property abroad in the next three years. 38% plan to invest in
detached villas; 26% favor apartments. 46% prefer areas close to
education facilities, while 17% fa-vor city centers. 23% prefer an
ethnic Chinese neighborhood. MethodologyThe research cited in the
Immigration and the Chinese HNWI 2014 comes from a survey of
mainland Chinese high net worth individuals, carried out by Visas
ConsultingandHurunReport.
ThissurveywascarriedoutviaquestionnairearoundthecountrybetweenMarchand
April2014.141validquestionnaireswere returned, including 60% from
Tier 1 cities such as Beijing, Shanghai and Guangzhou, and 40% from
second and third tier cities. The respondents were all HNWIs with
personal assets of more than 6 million RMB: 38% had assets of less
than 10 million RMB, 51% had assets of 10 to 50 million RMB; 5% had
assets of 50 to 100 million RMB; and 6% were worth more than 100
million RMB. The average wealth of respondents was 42 million RMB.
The research also included in-depth interviews carried out face to
face by Visas Consulting and Hurun Report.For details, please
contact Hurun Report or Visas Consulting for the full
report.Detached villaApartmentRow-houseFarmStoreNo
planIslandCastleSchool/education districtEthnic Chinese
neighborhoodCity centerSuburb38%26%14%7%6%4%3%1%VC-EN.indd 15
2014/5/28 17:07:581628.7% see the UK as the best place to study at
high school level or be-low; at university level, 36% favor the US.
The average age at which millionaires send their children to study
abroad is 18; the super-rich send their children abroad earlier, at
an average age of 16. Source: Hurun Report Chinese Luxury Consumer
Survey 2014Sending children abroad to study is still the
dominanttrend. Adecadeago, Australiaand
Canadawerethemajordestinationcountries
foreducation,largelythankstoreputation, word of mouth, and the
accessibility of visas. Times have changed however, and with shifts
invisapolicy,andmoresuccessfulbranding by educational
establishments in other coun-tries, the UK and US have displaced
Austra-lia and Canada as the most popular education destinations
for Chinas millionaires.Inrecentyears,wehaveseenacontinua-tion of
the tendency to favor the UK for high school, and the US for
university studies. At senior high school level and below, 28.7% of
thechildrenofChinesemillionairesprefer the UK, while 26% choose the
US; at under-graduate level and above, 36% favor the US.Canada also
remains popular for high school educationandbelow,while
Australiacontin-ues to attract more students at university level.
Switzerland, with its reputation for aristocratic education,
completes the top
fve.TheaverageageatwhichChinasmil-lionairessendtheirchildrenabroadtostudy
is18. Amongthechildrenofthesuper-rich,
theaverageislower,atjust16yearsofage.
Ingeneral,thetrendtowardssendingchil-Study Abroad Destinations
(High school & below)Study Abroad Destinations (Undergraduate
& above)28.7%1 23 510 9 8 7 626.2%7.5%2.1% 2.3% 2.8% 3.4%
3.6%12%US UKSwitzerlandHong Kong(China)Germany France Singapore
NewZealand49.4%Australia CanadaTop 10Top 1036.4% 24.4%6.2%0.7% 1.4%
1.5% 4% 4.8%10.8% 8.4%Education1 2UK USSwitzerland Canada
AustraliaFrance Germany Japan Singapore NewZealand3 5 410 9 8 7
6VC-EN.indd 16 2014/5/28 17:07:5917The Hurun International Schools
Guide Series now covers eight countries and regions, providing
parents with an insight into boarding schools and university
education in the UK, US, Switzerland, Singapore, Canada, Hong Kong
(China), Australia and New Zealand.Stage at which study
abroadReasons for choosing travel
destination8.9%63.4%39.2%22.3%12%11%9.4%9.1%2.9%23.9%22.9%16.8%10.7%18.6%UniversitySenior
High SchoolJunior High SchoolElementary SchoolNo plan to study
abroadPostgraduateSource: Hurun Report Chinese Luxury Consumer
Survey 2014dren overseas at an earlier age is becoming
increasinglypronounced:whilethosewho
goabroadatuniversitylevelremainthe
largestgroup,thenumberofstudentswho go overseas for senior high
school has now almostcaughtup. Agrowingnumberof parents are also
choosing to send their chil-drenabroadinjuniorhighschooloreven
elementary school. Thefashionforsendingchildrenabroad
tostudyhasalsoplayedanimportantrole
instimulatinginternationaltravel.Re-searchingcountrieswheremychildren
might study now ranks fourth in the list of reasons for choosing a
travel destination.Leisure/Tourism BusinessShoppingResearch into
childrens studyResearch into investmentResearch into
immigrationVisiting friends and relativesHealth/ Medical
careVC-EN.indd 17 2014/5/28 17:08:0118Happiness IndexHappiest
moment
29%24.6%20.1%14%13%11.9%7.8%7.2%65.9%75.5%69%59%411.7%312.8%243.1%Family
lifeRecognition from othersGreatest wishMillionaires see good
health as the truestformofhappiness;more thanhalfofthemwishforgood
health above all else. More than a quarter see the birth of their
child astheirhappiestmoment;they arenotablyhappierathomethan in
their work. The happiness index is an absolute standard
forevaluatingqualityoflife.Highnetworth
individualsdegreeofhappiness(onascale
of1to10)is:life:8.26;work:7.88;overall: 8.16. Generally speaking,
their personal lives givethemmorehappinessthantheirwork,
whilefemalesarehappierthanmales.Itis also clear that, whether in
terms of life, work, ortheiroverallhappinessranking,thesuper rich
are happier than ordinary millionaires.Are you happy?29% of
millionaires chose the birth of their child as their happiest
moment, making this thetopchoiceparticularlyamongwomen. There was a
gender gap too when it came to thethirdchoice,marriage.Foundingmy
companywasthesecondchoice,thoughit was favored more by the super
rich.Morethanhalfthosesurveyedwishedfor
goodhealthaboveall;thiswasparticularly favored by those aged 45 and
over. A family life came second; female millionaires showed a
particular preference for this choice.Source: Hurun Report Chinese
Luxury Consumer Survey 2014Birth of childFounding of
companyFounding of companyAdmission to universityFalling in
loveUniversity graduationOtherCompany listing on stock
market1HealthStudy opportunitiesMaterial needsOther LoveVC-EN.indd
18 2014/5/28 17:08:0119Degree of happiness at work Level of
happiness in family lifeSleep at weekends Sleep on work
days47.7%FairlyhappyVery
happyUnsure28.6%23.7%2.9%36.3%18%16.9%15.5%14.4%13.4%Status of
which you are proudestWorkOnly 28.6% are very happy in their work,
including moreofthoseunderthirty. Themajorityparticularly women and
those between 31 and 45 are 'fairly happy'.
Forthemajorityofmillionaires,particularlymales,
theirstatusasentrepreneursistheirgreatestsourceof pride. 25% of the
super rich, meanwhile, attached most
importancetotheirstatusasgovernmentadvisors, second only to the
proportion who chose entrepreneur;
only13.3%ofothermillionaires,however,chosethis option. Family and
Personal LifeMore than half Chinas millionaires see their
spouse/partner every day, another quarter on a weekly basis. 40.8%
see their parents every week, while 20.1% see them every day.
Themajority(67.9%)feelthattheirfamilylifeis'very happy'; the
proportion is higher among those aged between 31 and 45. 29.1%
describe their family life as fairly happy, with the super rich
more likely to choose this
option.SleepissomethingChinesemillionairesareincreasingly concerned
about. Most sleep for 6 to 7 hours on working days. Only 15% of
millionaires sleep for more than 8 hours. Source: Hurun Report
Chinese Luxury Consumer Survey 20141.7%31.4%51.9%Average:
6.6hrs15%1.8%11.5%44.4%42.3%Less than
4hrs4~6hrs4~6hrs6~7hrs6~7hrsAt least 8hrsAt least 8hrsLess than
4hrsAverage: 7.2hrsEntrepreneurChamber of Commerce leaderGovernment
advisorIndustry association
leaderOtherPhilanthropist29.1%Fairlyhappy67.9%Very happyUnsureHurun
Report Chinese Luxury Consumer Survey MethodologyDuring the second
half of 2013, the Hurun Research Institute surveyed 393 mainland
Chinese millionaires, with personal wealth of at least ten million
RMB (USD 1.6 million / Euro 1.2 million / GBP 1 million), of whom
41 had personal assets of more than 100 million RMB (USD 16 million
/ Euro 12 million / GBP 10million).
Theratioofmaletofemalemillionairessurveyedwas6:4.Overthepastdecade,theHurunReportChineseLuxuryConsumerSurveyhasinter-viewedatotalof4,818Chinesemillionaires,12%ofwhomhadwealthofmorethan100millionRMB.
TheHurunResearchInstitutehasalwaysinsistedon
carryingoutthesesurveysface-to-face,andcompilestheresultsintoresearchreportswhichofferthebroadest-rangingandmostin-depthinsightintoChinas
millionaires. Its Chinese Luxury Consumer Survey is thus now widely
accepted as the benchmark for research into Chinas High Net Worth
Individuals.VC-EN.indd 19 2014/5/28 17:08:0120Hurun Wealth
ReportAccording to the latest statistics from the Hurun Rich List,
China currently has 149 people with assets of at least ten billion
RMB, 29 more than last year. However, there are also approximately
150 people with hidden assets, worth at least ten billion, who are
not included in the statistics. There are 67,000 super-rich with
assets of at least 100 million RMB an increase of 2,500 people from
last year.The number of millionaires with hid-den wealth is around
double the number of those whose wealth is out in the open;
how-ever, the richer they are, the smaller the percentage who
conceal their wealth. Known Wealth149 pax1000 pax10 billion RMB2
billion RMB*Hidden Wealth151 pax2000 pax10 billion RMB2 billion
RMB*Threshhold for inclusion on the Hurun Rich List*300 pax3000
pax67000 pax1.09 million pax2.9 million paxTotal Wealth 201410
billion RMB2 billion RMB*100 million RMB10 million RMB6 million
RMBPhoto: Getty ImagesVC-EN.indd 20 2014/5/28
17:08:0321Millionaires by categoryWealth Report: The Millionaire
ClassThere are now 1.09 million millionaires (worth at least
10million RMB) in China, up3.7%from last year. The
tenprovincesandcitieswiththemostmillionairesare unchanged: Beijing
is still top, with 192,000 millionaires, or 17.6% of China's total,
while Guangdong province and Shanghai are second and third, with
180,000 and 159,000 millionaires respectively. Tianjin has again
seen the fast-estgrowth,with8.4%moremillionaires(afteran11%
risein2013),followedbyShanghai,with12,000new
millionaires,an8.2%rise.InnerMongolia,meanwhile,
sawthegreatestdecline,losing5.4%ofitsmillionaires,
largelyasaresultoftherealestatebubble. Wepredict that China will
have 1.21 million millionaires by 2017.Private Business
OwnersMorethanhalfofallChinesemillionaires
600,000,up70,000on2013areprivatebusiness owners.
Theirenterprisesaccountfor60%oftheir
assets;cashandshares18%.Theyownproperty worth 2 million RMB, and
cars worth 200,000.High-salaried
ExecutivesThisgroupofseniormanagerialstaffinmajor
Chinesecorporationsandmulti-nationalcompa-nies receive large
salaries and bonuses. Numbering
around218,000people,theyaccountfor20%of
Chinastotalnumberofmillionaires. Theirhomes make up 50% of their
assets; cash and shares 20%. They own investment property valued at
around 2.5 million RMB, and cars worth half a million RMB. Real
Estate InvestorsSome15%ofmillionairesinvestmostoftheir wealth in
real estate, with an average of 5.5 million RMB in investment
property, homes worth 3.5 mil-lion RMB, and cars worth half a
million RMB.Professional Stock Market
InvestorsTheproportionofprofessionalstockmarketin-vestors among
millionaires has fallen 5% this year, to 15%. They invest 30% of
their wealth in shares, and20%inrealestate. Theirhomesareworth4.5
million RMB, their cars half a million RMB. Source: Hurun Research
InstituteWhere they
live12345678910111213141516171819202122232425262728293031BeijingGuangdongShanghaiZhejiangJiangsuFujianShandongLiaoningSichuanTianjinHenanHebeiHunanHubeiShaanxiShanxiChongqingInner
MongoliaHeilongjiangJiangxiAnhuiJilinYunnanGuangxiHainanGuizhouXinjiangNingxiaGansuQinghaiTibetTotal
China Province/CityNumber of peopleGrowth rate% of totalPredicted
num-ber in 2017
1920001800001590001330007900040000400002970027800206001970016000157001510015000146001310012300115001000099008400692061004500370034009508007404904.4%4.7%8.2%0.8%4.0%2.0%5.3%-2.3%3.7%8.4%5.4%-1.2%3.3%2.7%2.7%-1.4%2.3%-5.4%-1.7%2.0%3.1%1.2%6.5%5.2%4.7%5.7%3.0%5.6%8.1%5.7%6.5%17.6%16.5%14.6%12.2%7.3%3.7%3.7%2.7%2.6%1.9%1.8%1.5%1.4%1.4%1.4%1.3%1.2%1.1%1.1%0.9%0.9%0.8%0.6%0.6%0.4%0.3%0.3%0.1%0.1%0.1%0.0%217050201461181543150391875374300043438316053018922830211781685416878163981612515379143701295612113105331042886077439642547893897348410018207795021.09
m 3.7% 1.21 m55%20%10%100%PrivatebusinessownersHigh-salaried
executives15%Real estate investorsProfessional stock market
investorsVC-EN.indd 21 2014/5/28 17:08:0422Wealth ReportThe Super
RichOn average, Chinas super rich spend 12 days a month traveling
on business, and take 11 daysholiday a year. 40% of them go
yachting, and 40% of them intend to buy a
pri-vateplane.Realestateistheirfirstchoicewhenitcomestoinvestment,whilereading
books is their favourite leisure activity. In 2014, China has
67,000 super rich, an increase of 2,500 over last year. We predict
that by 2017, the figure will rise to 73,000.In 2014, Chinas super
rich number 67,000, an increase of
2,500overlastyear.Beijing,GuangdongandShanghaire-main the three
places with the highest concentration of super
rich;ofthese,Shanghaihasseenthefastestgrowth,witha 7.1% increase
over the past year. There has been no overall change in the cities
and provinces
whichmakeupthetopten,butSichuanhasleapfroggedLia-oning to climb to
eighth place. Among Chinas provinces, Lia-oning has seen the
sharpest fall in the number of its super rich, withan8.5%drop.
Tianjinsrankingremainsunchanged,but the number of super rich has
risen more rapidly here than
any-whereelseincountry,risingfrom1,400to1,600people,an increase of
14.3%. Guizhou, in south-west China, experienced the second largest
increase.Photo: Getty ImagesVC-EN.indd 22 2014/5/28 17:08:0723
Source: Hurun Research InstituteThe Super Rich by
Category80%Business owners5%Professional stock market
investors15%Real estate investorsWhere they
live12345678910111213141516171819202122232425262728293031BeijingGuangdongShanghaiZhejiangJiangsuFujianShandongSichuanLiaoningTianjinHenanShanxiHebeiHubeiAnhuiShaanxiHunanJiangxiChongqingInner
MongoliaHeilongjiangYunnanJilinGuangxiGuizhouXinjiangHainanNingxiaGansuQinghaiTibetProvince/CityNumber
of peopleGrowth rate% of totalPredicted num-ber in 2017 Total
China67,000 3.7% 73,000 100%The super rich an overviewChinas super
rich spend almost half their time travel-ing, with an average of 12
days of business trips a month, 3 days more than last year. They
take very little holiday,
averagingjust11daysayear,andoftenworkatweek-ends too. Their average
annual expenditure is equivalent
to1.3%oftheiraveragetotalwealth.Theirmainareas of spending are
travel, luxury products for daily use, and theirchildrenseducation.
Yachtsarepopularplaythings
forthesuperrich:theproportionwhogoyachtinghas
risenfrom30%in2013to40%thisyear.40%ofthe super rich would also like
to have a private jet for
busi-nesstravelandalmosthalfofthesewouldbewilling to achieve this
either by buying a timeshare card, or through joint ownership.
Private business ownersThe vast majority of Chinas super rich
around 80%areownersofprivateenterprises. Theseen-terprises account
for 60% of their assets, with cash
andsharesmakingupafurther15%.Onaverage,
theirpersonalresidentialpropertyisworth12mil-lionRMB,andtheyalsoowninvestmentproperty
valued at 8 million RMB, as well as four cars worth a total of 5
million RMB. Real Estate
Investors15%ofthesuperrich,ormorethan10,000
people,arerealestateinvestors.Investmentprop-ertyaccountsforapproximately60%oftheirtotal
assets, while they typically have another 15 million RMB in cash
and shares. Their personal residential
propertyisworthanaverageof22millionRMB, and they also own cars
valued at 3 million RMB. Professional Stock Market
InvestorsProfessional stock market investors are a minority among
Chinas super rich, accounting for just 5% of thetotal.
Theyinvestthevastmajorityoftheiras-setsaround73%instocks.
Theyalsoownper-sonalresidentialpropertyworth25millionRMB, and cars
valued at 2 million
RMB.11300100009100780051002500240019501830160013501250115011409608808608608307507106405004303402701801109065555.6%4.2%7.1%1.3%4.1%4.2%9.1%5.4%-8.5%14.3%3.8%-3.8%-4.2%3.6%4.3%3.5%2.4%2.4%2.5%-6.3%-5.3%6.7%-2.0%4.9%13.3%3.8%5.9%10.0%12.5%8.3%10.0%16.9%14.9%13.6%11.6%7.6%3.7%3.6%2.9%2.7%2.4%2.0%1.9%1.7%1.7%1.4%1.3%1.3%1.3%1.2%1.1%1.1%1.0%0.7%0.6%0.5%0.4%0.3%0.2%0.1%0.1%0.1%12651
11106 9993 8662 5528 2644 2580 2097 1920 1734 1428 1301 1197 1206
999 931 910 895 900 780 739 677 520 447 354 281 189 114 94 68 57
VC-EN.indd 23 2014/5/28 17:08:0724About Hurun ReportNobody Knows
Chinas Rich BetterEstablished in 1999 by Rupert Hoogewerf
thegodfatherof the China Rich List Hu-run Report is today widely
recognized as the foremost authority in tracking the rapid changes
amongst Chinas high net worth individuals. Hurun Report Inc.
operates a stable of four luxury magazines, as well as the Hurun
Research Institute and an active business events division, which
targets China's entrepreneurs and high net worth
individuals.TheflagshipHurunReportmagazineispublishedmonthly, and
reaches the households of 116,453 proven wealthy Chinese
individualsandtheiradvisers.HurunReportisbestknownfor
itsannualHurunChinaRichList,widelyconsideredtobethe
bibleofwealthinChina,andade-factoWhos WhoofChi-nas business
elite.Educating their only child in one of the world's top schools
is of the upmost importance to Chinese millionaires, and can often
be the frst step towards far greater outward investment. Hurun
Report, therefore, publishes a hugely popular Schools Guide
se-ries, offering advice on and insights into the education systems
ofthemostpopulardestinationcountries.Individualreports
arepublishedannually,coveringeachoftheUK,US,Canada,
Switzerland,Singapore, AustraliaandNewZealand,witha print-run of
40,000 for the UK and US editions, and 25,000 for the remaining
countries.ChinaHorseandPolo,meanwhile,isdesignedtobea
glamorouscompanionforwealthyChinesepeoplewhohavea passion for
horses. It provides in-depth coverage on a range of
horse-relatedissues,withinformationonsuchtopicsaspolo, dressage,
horse racing, bloodstock and dogs.
HurunReportInc.alsopublishesWings&Watermagazine,
anotherpublicationaimedatChinassuper-luxurymarket.It
catersforthecountrysso-called'lionkings',thoseindividu-alswhobothleadindustryandshapeopinions.Itaddresses
the needs of entrepreneurs who are looking to purchase a jet or
yacht,andoffersguidanceonhowtomaintainthesebigand
costlymachines.Publishedtwiceayear,in AprilandNovem-ber, it has a
print run of 25,000.With a clear vision for the post-4G era, Hurun
Report has also developed a diverse new-media platform, which
offers its
high-endclientelefasterandmoreconvenientservices.Itsonline
magazineoffersthelatestinformationaboutHurunReports lists, events,
and research. Its iPad magazine, meanwhile, offers a fresh,
interactive take on the print version of the Hurun Report magazine.
Its app is recommended in the Business and invest-ment magazine
category of Apple s App store, its strong brand
recognitionandinfluenceemphasizedbythelargenumberof downloads.Hurun
Report also holds 50 to 60 high-end events every year, enabling its
corporate sponsors to infuence opinion leaders di-rectly through
sophisticated experience marketing.Hurun ReportHurun Schools Guide
Hurun Report has a diverse new-media platformVC-EN.indd 24
2014/5/28 17:08:12