BCG: $$$ Millionaires In China Increased By 49% YOY (2013-2014)

[Surya 1]

It is against the principle of communism.

 

[AndrewJin]

China needs millionaires for sure, they run companies and provide jobs.
But China needs more middle-class!
Now the percentage is still quite small.

@Two @Dungeness @eldarlmari @long_

 

[TaiShang]

It is against the principle of communism.

Communism is not equality in poverty. It is state ownership of strategic industries and means of production, in its classical form.

Socialism in Chinese characteristics allows market forces to play a major role although still functioning under state regulations.

Besides, it does not allow rentiership and land, infrastructure, critical industries and natural resources are publicly owned.

China needs millionaires for sure, they run companies and provide jobs.
But China needs more middle-class!
Now the percentage is still quite small.

@Two @Dungeness @eldarlmari @long_


View attachment 350209 View attachment 350210 View attachment 350212 View attachment 350208 View attachment 350213


india is more communist than China then.

I fully agree. Middle class is instrumental to ensure social and economic stability.

Poor societies are very fragile, fluid, and unpredictable. Middle class increases predictability. With middle class rising, you can focus on the quality aspects of life such as education, environment and food security.

 

[AndrewJin]

Communism is not equality in poverty. It is state ownership of strategic industries and means of production, in its classical form.

Socialism in Chinese characteristics allows market forces to play a major role although still functioning under state regulations.

Besides, it does not allow rentiership and land, infrastructure, critical industries and natural resources are publicly owned.



I fully agree. Middle class is instrumental to ensure social and economic stability.

Poor societies are very fragile, fluid, and unpredictable. Middle class increases predictability. With middle class rising, you can focus on the quality aspects of life such as education, environment and food security.

Yeah, the size of the real middle class is also a sign of purchasing power!
You can expect those millionaires to buy Huawei Mate9 Porsche edition, but the normal edition of Mate9 calls for a mass midd-class population to support!

They probably can sell 500k Porsche edition.
But if they want to declare Mate9 a big success, they need to sell at least 10 million Mate9 regular ones in the home market.

 

[Jlaw]

It is against the principle of communism.

Communism with Chinese characteristics trump fake US capitalism.

 

[DoTell]

Wow! That's good I guess?

Depends on who you ask I guess

It is against the principle of communism.

More like against the principle of the "free worldism". 1.3 billion slaves are not supposed to be rich. Even if they are, it's only temporary cause collapse is coming

 

[ahojunk]

China needs millionaires for sure, they run companies and provide jobs.
But China needs more middle-class!
Now the percentage is still quite small.

China's high-earning consumers to surge by 2030: report
2016-11-06 09:59 | Xinhua | Editor: Yao Lan

China's pool of high-earning consumers is set to surge in the next 15 years, their household spending growing to be greater than the Europe Union's current level, a report showed.

The number of people earning more than 10,000 U.S. dollars per year is expected to grow to around 480 million by 2030, from around 132 million today, according to research by the Economist Intelligence Unit (EIU), a think tank with the Economist.

The proportion of the population with upper-middle and high incomes will expand from 10 percent to 35 percent by 2030 when China will look and feel like a more middle-class society, although inequalities in wealth will remain an important social challenge, the report pointed out.

"We expect that the purchasing power of individual Chinese consumers in 2030 will be roughly akin to that of South Korea today or the U.S. in 2000," said Wang Dan, EIU China Analyst.

Some interior cities will become major centers of consumption, with Changsha, Chengdu, Chongqing and Wuhan each having over 2 million high-income consumers by 2030. However, other smaller cities may be left behind as regional inequalities persist.

The report pointed out that despite concerns for China's economic slowdown, it is important to remember that China is still in the early to middle stages of development in terms of consumption spending.

With rising income, Chinese consumers will look to upgrade consumption habits and switch to more expensive and premium brands when buying items such as cars and mobile devices, as well as driving higher spending on service sectors such as leisure and tourism, health, education and finance, the report showed.

"China's consumer economy is set for an exciting period of development and expansion," Wang added.

 

[cirr]

Anyone who bought a property for some 500000 yuan in big cities like Beijing, Shanghai, Shenzhen, Guangzhou etc etc 10-15 years ago is worth about 2 million US dollars today.

Those lucky enough to have bought 10 such properties with an initial outlay of 1,000,000 yuan(the rest is of course mortgage) won't have to work for the rest of his or her life.

 

[AndrewJin]

Anyone who bought a property for some 500000 yuan in big cities like Beijing, Shanghai, Shenzhen, Guangzhou etc etc 10-15 years ago is worth about 2 million US dollars today.

Those lucky enough to have bought 10 such properties with an initial outlay of 1,000,000 yuan(the rest is of course mortgage) won't have to work for the rest of his or her life.

Prices in smaller cities and many towns are undervalued.
Look at this county and its villages in China's poorest province!
I think their wealth is largely undervalued and their living standards are no lower than their big city counterparts.
Many villagers have big shares of those village/town-owned enterprises.
Some former villagers wanna go back from cities, but refused....
Once you go out to the cities, no way back!
Free houses, shares, stable jobs at village, year-end bonus sharing....
If my father were still having his ID at village, we would had 3 apartments, shares of a local company who rented our land. You just play mahjong and wait for free money at spring festival!

 

[TaiShang]

So in every 1000 PDF Chinese member we have a millionaire

The problem is the number of active Chinese members here is probably no more than 20-30.

Still, I believe, few of them are millionaires, or getting there.

But I am not, I can assure you.

 

[AndrewJin]

The problem is the number of active Chinese members here is probably no more than 20-30.

Still, I believe, few of them are millionaires, or getting there.

But I am not, I can assure you.

There are real millionaires here i guess.

 

[yincong]

个人认为，现在中国百万的话，一般城市家庭都拿的出来。砸锅卖铁的话。但是房子基本就去了一半了。然后结婚，孩子教育，父母养老等什么问题。紧巴巴的。

Personally think that China is now a million words, the general urban families have to take out. No words. But the house was almost half the room. And then get married, children's education, parents and other issues of pension. Baba.
English level Four did not pass, I'm sorry. A little

 

[Jlaw]

Prices in smaller cities and many towns are undervalued.
Look at this county and its villages in China's poorest province!
I think their wealth is largely undervalued and their living standards are no lower than their big city counterparts.
Many villagers have big shares of those village/town-owned enterprises.
Some former villagers wanna go back from cities, but refused....
Once you go out to the cities, no way back!
Free houses, shares, stable jobs at village, year-end bonus sharing....
If my father were still having his ID at village, we would had 3 apartments, shares of a local company who rented our land. You just play mahjong and wait for free money at spring festival!

Villages are situated on sought after land, eg close to mountain, rolling hills and lakes, rivers.

The problem is the number of active Chinese members here is probably no more than 20-30.

Still, I believe, few of them are millionaires, or getting there.


But I am not, I can assure you.

You're too modest my friend

 

[AndrewJin]

个人认为，现在中国百万的话，一般城市家庭都拿的出来。砸锅卖铁的话。但是房子基本就去了一半了。然后结婚，孩子教育，父母养老等什么问题。紧巴巴的。

Personally think that China is now a million words, the general urban families have to take out. No words. But the house was almost half the room. And then get married, children's education, parents and other issues of pension. Baba.
English level Four did not pass, I'm sorry. A little

This is dollars. And multimillionaires.
if u talk about millionaires in RMB, my city will have 10 million millionaires.

And pls do not use translators. It does not make sense. 请不要用翻译器。

 

[ahojunk]

Number of Hong Kong multimillionaires at 59,000 in 2016: report
(Xinhua) 19:12, April 19, 2017

HONG KONG, April 19 (Xinhua) -- The number of multimillionaires who held 10 million HK dollars (about 1.3 million U.S. dollars) or more in liquid asset in Hong Kong stayed at 59,000 in 2016, a report released by the Citibank Hong Kong showed Wednesday.

Citibank released its Hong Kong Affluent Study 2016 after interviewing 3,770 adults aged from 21 to 79 through telephone. The interview was conducted from October 2016 to February 2017.

According to the report, the average age of the multimillionaires is 58, and 20 percent of them are single.

Among the interviewees, 47 percent are employed, while 53 percent are retired or running their own business. The median of total liquid assets of multimillionaires is 20 million HK dollars.

Lawrence Lam, head of Retail Banking, Citibank Global Consumer Banking, told a media conference that Hong Kong multimillionaires have further diversified their portfolios with more investment products.

The Liquid Asset Allocation chart showed that 36 percent of the money goes to cash and deposits, 27 percent goes to stocks, 18 percent goes to mutual funds and 12 percent goes to bonds.

In addition, children's education and living conditions in Hong Kong could be more a concern than retirement life for multimillionaires with children, the report said.

On average, multimillionaires spend 31,300 HK dollars per month on children's education, and they are willing to provide as much as 500 million HK dollars and more in financial support for their children to purchase a property, according to the report.