China, Socialism & Consumer Behavior: Beijing tops the Chinese Nouveau Riche list

Recently the Hurun Research Institute published the 2009 Chinese Nouveau Riche Consumption Standard Report on the new rich in six cities: Beijing, Shanghai, Hangzhou, Shenzhen, Chengdu, and Shenyang; and the winner is:

Beijing came in first place with 8,800 members of China’s nouveau riche, with Shanghai and Shenzhen coming in second and third place.

The report also pointed out that if you want to be considered a member of the nouveau riche in Beijing, a basic consumption standard of at least 87 million yuan each year (approximately 12.73 million USD), is required. About 51,000 people in China have such consumption capability.

The report determines whether or not the consumption of the wealthy in China qualifies them as part of the Chinese nouveau riche through their set total asset value and total consumption.

The report said that Beijing has about 143,000 people with more than 10 million yuan and there are 8800 people with assets over 100 million yuan. The rich in Beijing are eclectic and nostalgic. They yearn for cultivating their mind and going back to nature.

There are 42,300 people with more than 10 million yuan and there are 2280 people with assets over 100 million yuan in Hangzhou. The rich in Zhejiang are very traditional in choice of luxury, but also very confident. Watches, jewelry, and luxury cars are their favorite collections.

Shenzhen has 40,600 people with more than 10 million yuan and there are 2760 people with assets over 100 million yuan million. Rich people in Shenzhen consider that luxury represents a comfortable way of life.

There are 12,200 people with more than 10 million yuan and there are 650 people with assets over 100 million yuan in Chengdu. Sichuan rich are generally more pragmatic and low-key, living a comfortable life.

Shenyang, 6900 people with more than 10 million yuan and 450 people with assets over 100 million yuan. Rich people in Northeast China live a mysterious and low-key life, but generally they are quite bold and generous. Their concept of investment maybe the most conservative: putting money in the bank gives them a sense of security.

Shanghai has 116,000 people with more than 10 million yuan and there are 7000 people with assets over 100 million yuan. Rich people in Shanghai are rational and clear-headed in consumption, and seldom follow the crowd. At the same time, they also know how to enjoy life. They have plenty of long vacations and go abroad frequently. Shanghai nouveau riche spend 7.5 million yuan a year, of which the husband has the largest annual consumption, mainly for the purchase of new vehicles, while 1.5 million yuan goes to charity and collection.

Shanghai nouveau riche’s household consumption includes two houses: a villa in suburbs and a luxurious apartment in downtown. In their house, there are not only collections of luxury porcelain, jade and other antiquities, but also the works of famous painters. With Steinway & Sons piano in the living room and Italian Baccarat crystal lamps hanging in the hall, housing and interior decoration accounts for about half of the nouveau riche’s consumption.

In addition, a rich family in Shanghai enjoys vacations three times a year, including the Spring Festival family trip and holiday travel to Italy and France. The family’s child is around 14 years old, having been sent to study an elite boarding school in the United States and plans to attend university there.

There are 12,200 people with more than 10 million yuan and there are 650 people with assets over 100 million yuan in Chengdu. Sichuan rich are generally more pragmatic and low-key, living a comfortable life.

Shenyang, 6900 people with more than 10 million yuan and 450 people with assets over 100 million yuan. Rich people in Northeast China live a mysterious and low-key life, but generally they are quite bold and generous. Their concept of investment maybe the most conservative: putting money in the bank gives them a sense of security.

The Chinese Nouveau Riche Lifestyle
The men who meet the 2009 Chinese Nouveau Riche Consumption Standard are on average 43 years old. He will usually wear haute couture and a luxury watch. Playing golf at club is his main leisure activity. Sanya and Macao are his frequent travel destinations with his friends. He will also ask three to five friends to tour Kenya and watch the spectacular migration of prairie animals. On holidays, he would carefully pick gifts for his wife, parents and friends.

As for “she” in the nouveau riche group, she is distinguished and elegant, love herself and enjoy life is her philosophy. In order to maintain her beauty, she chooses expensive skin care products such as La Prairie and frequently attends Evian Spa on Three on the Bund. Hot springs in Kyoto and Hakone, as well as shopping in Tokyo with her female friends are on her travel agenda this year. Appreciating several classic musicals and opera is also an important entertainment choice.