How super rich live in China

By Wang Qian (China Daily)
Updated: 2008-07-25 07:13

Being rich in China does not mean all are living like aristocrats, a recent 2008 Hurun Report of New Aristocracy, said.

"Being rich and living the life of an aristocrat are not the same thing," Rupert Hoogewerf, author of the report, said. He is better known by his Chinese name Hu Run.

An aristocrat in China generally spends about 4.57 million yuan ($672,000) a year, and much of it on a premium standard of living.

Hoogewerf said the report was compiled after analyzing the lifestyles of more than 100 super rich people in China and not all spend lavishly.

To live the life of an aristocrat, those super rich people must have spent at least 83 million yuan.

The report describes the life of a typical aristocrat.

He is someone in his 40s, lives in Shanghai with his wife and has a son about 17 years old studying in Britain.

He owns a villa in the city and an apartment in Beijing, has four cars in his garage including a Rolls-Royce Phantom for himself and a Mercedes-Benz ML500 for his wife.

He enjoys playing golf and has paid more than 3.5 million yuan to join golf clubs in Shanghai and Beijing.

Sometimes, he and his friends will charter a plane to play golf in Hainan province.

He has four watches including a Vacheron Constantin and an Oyster Perpetual Datejust, and his wedding ring, very likely from Tiffany Legacy.

He has recently developed a liking for wines. Chateau Lafite Rothschild, costing 226,656 yuan per crate, can be found in his cellar.

He smokes Davidoff Classic No 2.

He is now more involved in charitable causes compared to last year.

Hoogewerf said that within a week of the May 12 earthquake, the top 100 richest people in the country had donated $120 million, about 10 percent of the total donations received by the Ministry of Civil Affairs.

"More and more people are curious about the lifestyles of the rich in China. We want to give them an insight," he said.

Hoogewerf estimates that currently there are only 50,000 people in the country who can maintain such a lifestyle.

Last year 150,000 people could be considered having led an aristocrat life at a cost of 38 million yuan.

However, some entrepreneurs do not want to pursue the lifestyles of their peers.

Yu Minhong, CEO of the New Oriental Group, ranking 134 in 2007 Hurun China Rich List said: "I do not know where I can spend so much money. Maybe one day, I will buy a villa costing millions of yuan, but not now,"

"Every one has his or her own lifestyle."

Liu Mingming, 24, an office worker said: "It is their life. They can indulge in whatever they want, so long as it makes them happy.

"What surprise me is that I had no idea China has so many rich men."