More than two million people will join the ranks of “mass affluence” in China this year, taking the national total to 14.01 million, Forbes China said Wednesday.
Individuals must have between 600,000 yuan (US$96,500) and 6 million yuan in investable assets to qualify for the category. These assets include cash, deposits, stocks, funds, bonds and investment property, according to the Forbes China Mass Affluent Report published in Beijing.
About 11.97 million people fell into the category in December 2013, owning an average 1.31 million yuan in the assets. Together they accounted for 16.6 percent of China’s total private investable assets.
Most of the mass affluent work in finance, trade or manufacturing, and over 60 percent are aged between 30 and 50. In all, 53.8 percent have a bachelor’s degree.
Their three most favored investment tools are wealth management products sold by banks, property and stocks. The report said 41.7 percent had also put money into internet finance, but this figure is subject to sampling influence.
Forbes said that 95.6 percent of the cohort owned their home, with 15.5 percent owning three or more properties. It said 57.9 percent had mortgages but just over a fifth owed more than a quarter of the property’s value.
Money isn’t everything though — the wealthy in this category said family and health were more important factors when it came to happiness.
The report also found that Australia and New Zealand supplanted North America as top emigration destinations, after the US and Canada raised their entry thresholds.
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