Millionaire demographics in ChinaMost Chinese millionaires live in the well-developed cities of Eastern China, with Beijing and Shanghai being home to the highest number of wealthy people among cities in mainland China. In Hong Kong, China's special administrative region, the proportion of millionaires in the population is considerably higher and the city is among the regions with the highest millionaire density in the world. The number of super rich Chinese, which are represented in the list of leading billionaires in the world, is growing gradually, with the founder of the largest beverages company in China, Zhong Shanshan, jumping to the top position among billionaires in Asia in 2021. Among the richest Chinese, most are entrepreneurs and a smaller part real estate and stock investors.
Chinese millionaire’s consumption preferencesThe rise of the rich in China has driven the boom of the global luxury market. During the coronavirus pandemic, China’s share in the global luxury market increased from 11 percent in 2019 to 20 percent in 2020, although global spending on the luxury market shrank by 23 percent. In previous years, Chinese consumers used to purchase luxury goods while travelling abroad, but in 2020 the share of Chinese overseas luxury spending has decreased considerably due to travel restrictions related to the pandemic and overseas spending is not likely to regain its former strength any time soon.
Despite COVID-19, travelling is still the favorite leisure activity among Chinese millionaires. However, travel preferences have shifted from overseas to domestic destinations in 2020, with Sanya in South China becoming the choice of many luxury travelers for its pristine beaches and well-developed facilities. As luxury travelers have higher demands for travel uniqueness and service standards, they are still longing for travelling abroad. However, as Chinese pandemic-related travel restrictions are very strict in global comparison, the Chinese outbound travel market will still need some time to recover.