Some Chinese have become Millionaires

Paramount leader Deng Xiaopeng’s advocation of “let some people become rich faster than others” has actualized in the last 30 years of reform and opening; some of these people have not only become rich, they have become super rich. 51,000 people have become RMB billionaires out of the 825,000 millionaires in a survey revealed by Hurun Wealth Report of 2009, an independent survey of wealth ownership in China. This means six in every 10,000 people are now millionaires nationwide (Rupert Hoogewerf, Hurun Report founder and publisher). In the gold coast cities, the ratios are even higher: Out of 10,000, the number of millionaires and billionares are 88 and 54 for Beijing, and 62 and 38 for Shanghai respectively.

The cities with the majority of rich people are Beijing, Shanghai, Guangzhou, Hangzhou and Shenzhen. The average age of the millionaires is only 39 and their wealth came from investing in business, work in high income professions, speculating in real estate and professional investments in the stock markets. Those in business are the majority of the millionaires; they skillfully arbitrage on the economic conditions and grow their wealth by taking on risks, chief and most famous in this group are the business people from Wenzhou, a city in Zhejiang who are known for their frugality, good business sense and teamwork. The professionals who worked in multinational companies and the many new real estate, IT and internet businesses also benefited from high salaries and generous bonuses. The boom in the stock and real estate market had also created wealth for the savvy ones.

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