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Understanding wealthy Chinese real estate investors: How many are there?
By Juwai, 04 October 2013
Wealthy Chinese are very different from high net worth individuals in the Western world.
In the West, you have families who have been rich for centuries: aristocrats, titans of industry, bankers, traders...
China is very different.
The political and cultural history over the past hundred years in China has been turbulent, to say the least. For the most part, wealthy individuals in China can date the origin of their riches to China's economic opening, which began in only 1978.
In this short time span, Chinese consumers have risen to stand as the largest luxury consumer group in the world. These factors have a number of implications on the purchasing behaviour and needs of wealthy Chinese, who are now ready to spend.
This post is the first of several that will help you understand high net worth Chinese international property investors, and how to work with them to your mutual benefit. In this post, we will start by wrapping our minds around the numbers.
High net worth individuals in China
The first question to answer is, how many are there? Here are the numbers:*
- 60,000,000: Upper-middle-class Chinese, with income greater than US$100,000 per year
- 2,800,000: US dollar millionaires in China
- 600: US dollar billionaires in China
- 1,500,000: Monthly unique browsers on Juwai.com
These numbers are only going to grow. If the property and real estate you are selling appeals to luxury buyers, then these high net worth Chinese can be among your top customers.
In future posts, we'll talk more about high net worth Chinese property investors, and offer insights to empower you to successfully work with these buyers.
Source: Hurun, McKinsey & Company, Juwai.com.
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