The rich are getting richer and younger

08:14, July 15, 2010      

Email | Print | Subscribe | Comments | Forum 

The wealthy are getting younger on the mainland, with an average age of 36, far below the average age of 48 in Hong Kong, according to a HSBC survey released on Tuesday.

The survey, which covered major Asian countries and regions, also showed that the mainland's rich had stronger liquid assets, $126,537 on average, while other emerging economies in Asia reported less, including $87,769 in India and $56,891 in Malaysia.

But the figure remains much lower than Hong Kong and Singapore, which on average hit $301,289 and $183,145 respectively.

The rich in the survey are defined as those who have at least 500,000 yuan ($73,840) in liquid assets.

"The young generation in mainland are joining Asia's newly affluent with growing wealth," said Bonnie Qiu, head of Personal Financial Services at HSBC Bank (China) Company Limited

"We have several friends that made hundreds of thousands of yuan in their 30s it's not difficult to become well-off riding on the booming economy creating plenty of chances to earn money," said Liu Xiaoyan, a 32-year-old financial-software entrepreneur in Shanghai.

She and her husband have bought two houses worth 10 million yuan in the city after diving into the industry three years ago.

HSBC's report showed 69 percent of mainland respondents said that their net assets increased in the past six months.

In addition, the survey said that the mainland's rich put 59 percent of their assets in banks, while the remainder went into investments such as stocks or funds. By comparison, Indonesia's rich put 95 percent of their total assets in banks.

"In addition to their own hard work, the increasingly diversified wealth management channels in the Chinese mainland have also allowed them to better accumulate and protect wealth," said Qiu.

"We only deposit 10 percent of our assets into banks in case of any emergency, given lenders' low interest rates. We'd rather put spare cash into equities and the property market," said Zhang Sa, a 35-year-old property developer in Shanghai, who collectively invested 2 million yuan in stocks.

Indeed, the survey showed 71 percent of the mainland's respondents said they have invested in stocks, compared with Indonesia's 5 percent.

The transaction volume made by the mainland's rich reached $371,885 in the past 12 months, five times higher than Indonesia's $72,105, the survey showed.

Yet, only 18 percent of the mainland's rich said they would increase their stock investments, lower than Hong Kong's 42 percent, after the Shanghai gauge dropped 26.9 percent in the first half.

Source:China Daily


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • Arash Kamalvand (L) of Iran spikes the ball during the semifinal against South Korea at the 16th Asian Men's Volleyball Championship in Tehran, Iran, Sept. 28, 2011. Iran won 3-1 to advance to the final. (Xinhua/Ahmad Halabisaz)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
Hot Forum Discussion