We don’t have stats yet for 2018 on China’s wealthy consumers but using last year’s figures. int is easy to paint a compelling picture of China’s high net worth community. It’s big, growing and similar but different than the high net worth communities in our countries and regions.

By January 2017, the number of ‘affluent households’ with assets of CNY6  million yuan in the Greater China Region had reached 4.6 million, with an increase of 274,000 on the previous year at a growth rate of 6.3%; among them, those with investable assets of CNY6 million has reached 1.16 million. The number of ‘high-net-worth households’ with a value of CNY10 million yuan reached 1.86 million, up 147,000 on the previous year with a growth rate of 8.6%; among them, those with CNY10 million yuan in investable assets reached 948,000. The number of ‘ultra-high-net-worth households’ with CNY100 million yuan assets totaled 121,000, with an increase of 12,000 on the previous year at a growth rate of 10.5%, among which those with CNY100 million in investable assets reached 71,000. The number of ‘international ultra-high-net-worth households’ with assets of USD30 million amounted to 79,000, an increase of 8,300 on the previous year at a growth rate of 11.8%; among them, those with USD30 million in investable assets reached 48,000.

Not including Hong Kong, Macao and Taiwan, the number of ‘affluent households’ with CNY6 million assets in mainland China reached 3.62 million, with an increase of 240,000 over the previous year at a growth rate of 7.1%; among them, the number those with CNY6 million yuan in investable assets was 1.67 million. The number of ‘high-net-worth households’ with CNY10 million assets reached 1.47 million, with an increase of 130,000 over the previous year at a growth rate of 9.7%; among them, the number of those with CNY10 million in investable assets reached 749,000. The number of ‘ultra-high-net-worth households’ with assets of CNY100 million hit 99,000, with an increase of 10,000 over the previous year at a growth rate of 11.6%; among them, the number of those with CNY100 million in investable assets reached 59,000. The number of ‘international ultra-high-net-worth households’ with USD30 million amounted to 65,000, with an increase of 7,600 over the previous year at a growth rate of 13.3%; among them, the number of those with USD30 million in investable assets reached 39,000. (Source: Hurun Wealth Report 2017)

Over the past year, domestic economic development has been stable, and the Chinese high net worth population has increased steadily. According to the Hurun Chinese Luxury Consumer Survey 2018, about 37% of China’s wealthy consumers are currently considering immigration, a 10% drop compared with last year. 12% of them have already emigrated or are applying to do so.

From the international perspective, many traditional and emerging immigration destinations are implementing various stimulus policies, including the United States’ substantial reduction in corporate tax and simplified property purchase immigration policies in a number of European countries. At the same time, various domestic policies, such as increasingly strict foreign exchange controls and property purchase restrictions in first-tier cities, have also stimulated the overseas investment and immigration of Chinese HNWIs to a certain extent.

The top five cities for overseas property purchase among Chinese HNWIs remain unchanged from last year. Los Angeles is the most popular for the fifth year running, while New York climbs from the third place to second. Boston is up two places to third. San Francisco remains fourth, tied with Seattle, which falls two places. Greece enters the top ten for the first time, while London leaps eight places to sixth. Vancouver drops to seventh and Toronto remains in eight as new legislation in both markets aims to cool off the rush of foreign buyers.

Tourism has long been the most important leisure activity for China’s wealthy consumers. In terms of their discretionary expenditure, tourism accounts for the highest proportion, at 27%. When it comes to selecting gifts worth up to CNY20,000 , the popularity of tourism products among high net worth individuals has grown higher than last year. Among the gifts that males opt for, they rank in the top ten, and are preferred over accessories and liquor; among females, they rank in the top five, and are more popular than electronic products. Over the past year, the proportion of Chinese high net worth individuals purchasing overseas holiday homes increased by 25%, and among them, those who would like to relocate their holiday homes overseas has risen to 41%. (Source: Hurun Report’s Hurun Chinese Luxury Consumer Survey 2018)