Super-rich have craze for luxuries

16:56, March 03, 2010      

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A private jet will set you back $20 million, not including the nearly $2 million a year needed to maintain it, but the expense is not enough to stop China's super-rich from acquiring such a "luxurious toy" - along with a slew of other luxury items.

Only some 100 super-rich with assets of at least 1 billion yuan ($143 million) on the Chinese mainland can afford one, said Meng Pengjun, CEO of Luxury Asia Limited China markets.

Last year alone, mainland billionaires bought 15 business jets from Meng's company, almost double the eight sold in 2008, he told China Daily on Tuesday.

He aims to sell 20 business jets on the mainland this year.

"It's feasible, because in just two months this year we've already sold four jets," he said.

Yet the sales of other luxury goods are even brisker in China.

Last year, affluent Chinese lavished $9.4 billion on luxury goods, making China the world's second largest consumer of luxury goods behind Japan, a report by the World Luxury Association said.

Source: China Daily
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