80% super rich optimistic about China economy
More than 80 percent of China's super rich people are optimistic about the country's future economic development and see stocks as their best investment option, according to the Hurun Report Chinese Luxury Consumer Survey 2016.
The report, the 12th one by Hurun Report in Shanghai, is based on the survey of 458 rich men and women with a net worth of more than 43.7 million yuan ($6.63 million) each. Of the rich, 57 are billionaires.
The study also reveals that 28 percent of China's well-to-do believe stocks are their top financial investment option due to the strong bull market in the first half of 2015.
Only 25 percent of respondents list real estate as their main investment, which is two percent less than the previous year. Meanwhile, 15 percent rank fixed income investments as their top investment option.
The survey also notes that these wealthy people avoided risky investments in the past year.
According to Hurun's latest study, travel, luxury items, and children's education are the three major expenses for affluent Chinese.
Statistics show that Europe and Sanya city in South China's Hainan Province have become top tourism priorities for the rich, especially during Spring Festival and the National Day holiday.
In addition, the rich are keen on buying luxury goods and wearing name-brand jewelry from Apple, LV and Gucci.
The rich also tend to spend more on their children's education. Australia and Canada are the most popular destinations for overseas study.
Source Credit: www.ecns.cn