New Delhi, Aug 24 (ANI): A new report has revealed that Beijing has the maximum number of rich people in China.
The latest Hurun Report on China's wealthiest people said that there are 143,000 multimillionaires and 8,800 billionaires in Beijing.
In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily.
The report also sheds light on how the super-rich in Beijing want to live their lives.
In Beijing, wealthy people need to spend at least 87 million yuan on property, cars and other luxury goods in order to be regarded as one of the city's 'new aristocrats', or upper class, the report said.
They have at least three dwellings of their own, including a villa, like the 400-sq-m Ziyu Shanzhuang villa costing 24 million yuan, a luxury apartment in the downtown area for work purposes, and a Siheyuan courtyard house probably in Houhai.
The report said that most of them prefer investing in arts and they are willing to spend as much as 50,000 yuan for a year on piano classes.
In their luxury homes, they also have rare porcelain and jade ware collections interspersed with works of ancient or contemporary painters.
The rich in Beijing consider Cartier as the favourite luxury brand. They keep themselves updated on the world of finance with China Business News rather than the 21st Century Business Herald.
The bulk of their expenditures are on property, furnishings and fabrics, according to the report.
"During the past several years, the complexion of the rich in China has changed in many aspects. Many of them say they want to be a sort of upper class, rather than only being rich," said Rupert Hoogewerf, founder and publisher of the Hurun Report.
The report described the capital's richest as people who wear haute couture and who carefully choose gifts for parents, spouses and children on special days.
They probably drive a 1 million yuan Mercedes Benz R500 limousine and are also members of Yongfoo Lite, the most popular club for Beijing's wealthiest.
Their wives usually frequent the Lan Club with friends, wear Bulgari platinum and diamond watches and drive BMW sports cars.
Japan's Osaka and Tokyo are the top travel destinations for spouses, and they attend musicals and the opera several times a year.
The report said that annual spending of the rich in Beijing is estimated at about 5.7 million yuan, mainly for new cars, collections and about 1 million yuan for donations.
The report also defined the upper class in five other cities including Shanghai, Hangzhou, Shenzhen, Chengdu and Shenyang. (ANI)