China is everywhere, the rapid economic growth and the meteoric rise to being the second largest economy, threatening America’s undisputed leadership status have all made China the cynosure of all eyes. Global politics, business everything today considers china a huge factor.
In the midst of Global Financial Recesssion, billionnaires are still on the rise
As the world struggles to wade through the recession, and its aftermath, China is enjoying prosperity. Fast economic development, rapid urbanisation, creating more billionaires, with more disposable incomes, and global businesses trying to capture a share of this prosperous market, everything is going the China way.
As Chinese entered the new Lunar year, the year of Horse, there have been many predictions for China, and Chinese. An intelligence firm, Wealth-X has made 8 predictions for the Ultra-rich high net worth Chinese in the New Year.
A growth that will definitely keep going
Though, the firm predicts that the super-rich, which is US$ 500 million and above is expected to grow at 6% in 2014, will grow to a total number of 535 people, and a total wealth of $ 630 Billion. On the other hand the number of ultra-rich billionaires will be stagnant. It is also expected that by the year 2026, the number of wealthy Chinese will exceed their counterparts in Japan, though the total wealth of ultra-rich in China is expected to grow at 2% in 2014. This is an indication that China is going to be a much bigger market for businesses across the globe.
The report observes this trend across the globe, the number of wealthy people is growing across the globe, even in the US, and elsewhere. In-fact predictions for US indicate that the middle-class may slowly vanish, and there may be more of wealthy people.
Given this background, the liquidity of Chinese high net worth wealthy was expected to increase to 14% from the previous year’s 12 %. Considering the global average of 25% liquidity, China still has a lot to catch up in this issue.
Chinese wealthy Chinese will keep spending an increasing amount of money
Also, it is predicted that the Chinese obsession with the West will continue in 2014 as well! The affluent Chinese will spend a lot more abroad, especially in Europe, and the US, than in the domestic market.
Chinese outbound travel industry is growing fast, it is already considered to be the world’s largest market, with more and more Chinese travelling to various destinations across the globe. Chinese travellers are spending more than travellers from any other country, thus contributing immensely to the revenues of global tourism industry. All this data backs a 30% increase in the private jet market in 2014.
The number of wealthy Chinese to emigrate is also expected to rise, with the wealthy showing an inclination to settle in places like Hong Kong, though some may even choose to settle in the North America, etc. The number of wealthy Chinese to emigrate will grow by 8% to reach 1135, as against the current 1050.
It is also expected that those born in the year of Horse, will be more educated and grow wealthy. They are kind, and generous and donate money for education and related causes.