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Report reveals identity of city's wealthiest residents

By Xie Yu (China Daily)

11:21, May 12, 2012

(Photo from China Daily)

Business owners, real estate investors and professional investors are the wealthiest people in Shanghai, according to Shanghai Wealth Report 2012, published on Friday by Hurun Report and the Australia-based independent financial adviser Gao Fu Wealth Management.

There are 370,000 people with 6 million yuan ($950,000) living in Shanghai today, or one-in-65 people in a city with a population of 23 million.

A total of 140,000 people in Shanghai have personal assets of 10 million yuan, an increase of 6.1 percent year-on-year, accounting for 13.7 percent of China's high net worth individuals.

Furthermore, there are 8,200 "super-rich" individuals with assets worth 100 million yuan, up 5.1 percent from last year.

Of the super-rich individuals in Shanghai, 75 percent are business owners. Real-estate investors account for 15 percent. And finally, professional investors account for 10 percent of super-rich individuals in Shanghai.

"This year's report shows that property is the biggest source of wealth in Shanghai, while globally, most wealth comes from professional investment," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

"It is quite normal. As at the beginning of creating wealth, you tend to do everything by yourself. But as fortune accumulates, people have stronger awareness for investment," he said.

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