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89,000 Chinese hold assets worth over € 13.5 million

89,000 Chinese hold assets worth over € 13.5 million

Chinese hold assets worth over 100 million yuan (13.5 million euros) wealth are about 89 000 people, said the insurance company “Ping An” at a conference on management of family wealth, which took place in Sanya. The sales manager Yang Jingdong, noted that 60% of multimillionaires in China have assets abroad.

Due to the lack of knowledge of foreign markets and limited quotas for foreign stocks, most of the wealthy Chinese invest only about 10 percent of their money in real estate outside of China. Analyses show that they rather save and make investments primarily in financial assets.

According to the latest data of the Hurun Wealth Report, the number of mainland Chinese with more than 100 million yuan wealth till May 2016 has increased by over 14% compared to the same period of 2015.

In terms of regional distribution, most  multi-millionaires are  in eastern China, followed by those in the north and south of the country. These are mainly entrepreneurs, highly qualified specialists, real estate speculators and professional shareholders.

The majority of wealthy families prefer to invest their money in banks, real estate and insurance.

Author: Radio China
Photo: 123rf.com

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