Ma Yun (Jack Ma), having recently stepped down as chairman of Alibaba’s board of directors, maintained first place of the Forbes Rich List 2019 for China with 38.2 billion U.S. dollars. Among the richest Chinese, most are entrepreneurs and some others are real estate and stock investors.
The rise of rich people in China has also driven the boom of China’s luxury market. Chinese consumers contribute over 20 percent of global luxury market sales. Besides domestic shopping, many consumers prefer to purchase luxury goods when travelling abroad for unique items and tax-free discounts. Since Chinese consumers are largely dependent on mobile payment methods, overseas stores are increasingly accepting Alipay and WeChat Wallet as payment methods.
Hurun Research Institute found that travelling is the favorite leisure activity among Chinese millionaires. Compared to other travelers, luxury travelers have higher demands for service standards and travel uniqueness. To experience this, many luxury travelers choose to travel abroad. Resorts in safe and developed regions are preferred by luxury travelers as travel destinations. Among domestic travel destinations, Sanya has become the choice of many luxury travelers for its high-standard beaches and well-developed facilities.
The education sector has been the major recipient of donations from the wealthiest Chinese philanthropists. Many Chinese philanthropists donated to their alma mater. Peking University and Tsinghua University received the most donations from their alumna in 2019, taking in 140 and 70 million dollars respectively.