Beijing tops the Chinese Nouveau Riche list

Recently the Hurun Research Institute published the 2009 Chinese Nouveau Riche Consumption Standard Report on the new rich in six cities: Beijing, Shanghai, Hangzhou, Shenzhen, Chengdu, and Shenyang.

Beijing came in first place with 8,800 members of China's nouveau riche, with Shanghai and Shenzhen coming in second and third place.

The report also pointed out that if you want to be considered a member of the nouveau riche in Beijing, a basic consumption standard of at least 87 million yuan each year (approximately 12.73 million USD), is required. About 51,000 people in China have such consumption capability.

The report determines whether or not the consumption of the wealthy in China qualifies them as part of the Chinese nouveau riche through their set total asset value and total consumption.

The report said that Beijing has about 143,000 people with more than 10 million yuan and there are 8800 people with assets over 100 million yuan. The rich in Beijing are eclectic and nostalgic. They yearn for cultivating their mind and going back to nature.

There are 42,300 people with more than 10 million yuan and there are 2280 people with assets over 100 million yuan in Hangzhou. The rich in Zhejiang are very traditional in choice of luxury, but also very confident. Watches, jewelry, and luxury cars are their favorite collections.

Shenzhen has 40,600 people with more than 10 million yuan and there are 2760 people with assets over 100 million yuan million. Rich people in Shenzhen consider that luxury represents a comfortable way of life.

There are 12,200 people with more than 10 million yuan and there are 650 people with assets over 100 million yuan in Chengdu. Sichuan rich are generally more pragmatic and low-key, living a comfortable life.