Super rich find ways to manage health, wealth
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E-mail China Daily, September 8, 2014
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| Favorite sports for Chinese wealthy also include golf, riding horses and sailing.[Photo/China Daily] |
According to the Hurun Report, golf is one of the favorite sports among individuals with higher net worth. As a result, it is even more expensive now to be admitted into a golf club in Shanghai. The membership fee of the Sheshan International Golf Club in west Shanghai has risen from 2.3 million yuan last year to 2.7 million yuan this year.
Wealthy people also are huge collectors. Artworks, especially ancient Chinese calligraphy and paintings, are gaining popularity.
China's fourth-richest man, Wang Jianlin, who has a personal wealth of at least 90.3 billion yuan and is chairman of the privately-owned property developer Dalian Wanda Group, is very active in the art world. Last year, Wang spent 172 million yuan for a Picasso original at Christie's auction house in New York.
Luxury watches
Watches are still the cup of tea of the Chinese super rich. According to the Hurun Report, Patek Philippe remains the most preferred complex functional watch brand, while Cartier is the most preferred jewelry watch brand.
Jiang Lei, general manager of a real estate company in Shanghai, has a collection of luxury watches at home. To him, brands such as Patek Philippe and Vacheron Constantin are must-haves when it comes to luxury watches. But usually he will not wear them, as he considers them to be "too much of a display". Therefore, he prefers to wear a Rolex or Blancpain when he is conducting business.
"I am also a huge fan of Chinese ancient calligraphy and paintings," Jiang said. "But there are too many counterfeits in the market. Amateur collectors can easily be deceived. Also, the prices of these artworks have been much hyped. So to be on the safe side, I find watches much safer to invest in. If I really like some pieces of artwork, I will simply buy some duplicates," he said.
Meanwhile, rich people generally follow tight schedules. But probably one of the keys to their success is that they never forget to give themselves a break. Therefore, travel is second only to health as a so-called spiritual investment, the Hurun Report has found.
Chinese people with high net worth took four trips on average last year, with at least one trip overseas. More than half of them choose to travel abroad on national holidays. For a domestic trip, the Chinese super rich will spend at least 43,000 yuan per person. The expenditure for an overseas trip will be at least 110,000 yuan.
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