China’s nouveau riche

China’s nouveau riche

China’s super wealthy set to grow by 46% in the next five years, report claims
The United States leads the world in the number of ultra-rich individuals, but it was China that saw the fastest gain in 2020, according to the latest Wealth Report by property consultancy Knight Frank. It seems the Covid-19 pandemic did little to dampen the fortunes of the world’s wealthiest. In China, its elite club of people whose net worth exceeds US$30 million, excluding their primary residence, grew by 16% in 2020 compared to an 11% growth in the number of Sweden’s ultra-rich residents and ahead of Singapore at 10%, according to the 13th edition of the report. At the other end of the wealthy scale, Greece’s ultra-wealthy population declined by one-third. “The number of UHNWI [ultra hi
Money to burn: Chinese elite swap international travel for high-end spending at home
Watches, diamonds, gold and leather goods were among the luxury items that made up a whopping US$54 billion spent by China’s wealthiest families last year. With coronavirus severely curtailing all international travel – and extravagant shopping excursions to Paris, Dubai, New York and London – affluent families in China have been forced to shop up a storm at home in a bid to reduce their anxiety about border closures that keep them stuck in China. “Before the outbreak, we would travel abroad a lot every year, or even live for a while away from the mainland. Last year I turned to shop more for watches, diamonds and gold to compensate for the regret for not being able to travel abroad,” said