China’s Hurun Report, the leading luxury publishing and events group and the authority on China’s high net worth individuals, released its latest report on the lifestyle and purchasing habits of the estimated 143,000 multimillionaires and 8,800 billionaires in Beijing. The report also notes that there are 116,000 multimillionaires and 7,000 billionaires in Shanghai.
According to Hurun, Beijing’s big spenders need to spend at least 87 million yuan (almost 13 million U.S.) on property, cars and other luxury goods in order to be regarded as one of the city’s “new aristocrats” or upper class. The rich in Beijing consider Cartier as the favorite luxury brand and are not too interested in other brands like Louis Vuitton.
The report is based on the luxury lifestyle of a typical rich family consisting of a 43-year-old husband, his 42-year-old wife and their child, age 14. [Source: China Daily]
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