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Chinese mainland's rich youngest in Asia-Pacific region

07-14-2010 16:43 BJT

The average age of wealthy people on the Chinese mainland is 36 years old. At the same time, they have the most current assets in Asian emerging markets with an average of nearly 127,000 U.S. dollars.

HSBC issued a survey of wealthy people in the Asia-Pacific region on July 13, 2010, saying the average age of rich respondents on the Chinese mainland is 36 years old, the youngest in all countries and regions surveyed. This figure is 48 years old in Hong Kong. The average is 44 years old and 43 years old in Singapore and Taiwan, respectively.

The survey has shown that the rich are becoming younger in several other emerging markets: India (38 years old), Indonesia (39 years old) and Malaysia (43 years old). The average age in several traditional developed markets in Asia is relatively older, and Hong Kong rich people top the list with average age of 48 years old.

While rich respondents in Chinese mainland are the youngest, in terms of current assets per capita, they own the most in Asian emerging markets, with an average of about 127,000 U.S. dollars, far more than India (87,769 U.S. dollars), Indonesia (61,697 U.S. dollars) and Malaysia (56,891 U.S. dollars).

But emerging markets have not caught up with the traditional developed markets. In Hong Kong the average reaches 301,000 U.S. dollars, followed by Singapore (183,145 U.S. dollars) and Taiwan (155,162 U.S. dollars).

This HSBC survey contracted with Nelson to research major markets in the Asia-Pacific and in the Chinese mainland. The investigation was open to those with current assets of 500,000 yuan or above.

Rich people on the Chinese mainland in general have a more balanced distribution of current assets. About 59 percent of their current assets are deposits and 41 percent in investment, of which 29 percent is invested in equities and 10 percent in funds.

When asked where they will attempt to invest in the future, the mainland rich respondents expressed interest in bonds. About 14 percent of mainland respondents said they would try bonds, and another 8 percent said they would continue to increase investment in bonds.

Editor:Xiong Qu |Source: People's Daily

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