China’s rich prefer to visit not live in Australia

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From the Hurun Report Chinese Luxury Consumer Survey 2014:

The number of high net worth individuals who have emigrated, or are planning to do so, rose from 60% to 64%, accounting for 1 in 3 super-rich.

The United States is still the destination of choice, while the number of individuals emigrating to Europe has increased. Although the amount of people emigrating to Australia has increased in comparison to last year, very few of the super-rich choose to move there. It is worth noting that of the 64%, only 15% are looking to give up their Chinese nationality, with the majority looking to a permanent residency overseas.

Emigration Destination
1 United States
2 Europe
3 Canada
4 Australia
5 Singapore
6 Hong Kong

Source:《Best of the Best – Chinese Luxury Consumer Survey 2014》

Collecting watches has decreased in popularity for the first time in 5 years, being replaced by ancient calligraphy.
Among HNWIs, collecting ancient calligraphy ranks in 1st place this year, with watches falling to 2ndplace. Among most of the super-rich however, collecting watches is still preferred. Patek Philippe is the most popular watch brand among high net worth individuals for the 7th year in a row. Collecting jewelry ranked 3rd this year and, for the 10th consecutive year, Cartier has been the most popular jewelry brand. Jade ranked 3rd place this year. Wine ranked 4th place this year and Louis XIII is still the most popular imported spirits brandfor the 5th consecutive year. Overall, 70% of millionaires and 80% of the super-rich enjoy collecting as a hobby. Christie’s is the preferred auction house.

UK first choice for education of kids – 28.7%

The United Kingdom is the 1st choice destination among high net worth parents, who wish to send their children forsecondary education, followed by the United States. For undergraduate studies, the reverse is true – the United States is favoured by 36%, followed by the United Kingdom.

Preferred Education Destination (secondary schooling and below) Percentage Preferred Education Destination (undergraduate and above) Percentage
1 United Kingdom 28.7% 1 United States 36.4%
2 United States 26.2% 2 United Kingdom 24.4%
3 Canada 12.0% 3 Australia 10.8%
4 Australia 9.4% 4 Canada 8.4%
5 Switzerland 7.5% 5 Switzerland 6.2%
6 New Zealand 3.6% 6 New Zealand 4.8%
7 Singapore 3.4% 7 Singapore 4.0%
8 France 2.8% 8 Japan 1.5%
9 Germany 2.3% 9 Germany 1.4%
10 Hong Kong 2.1% 10 France 0.7%

Source:《Best of the Best – Chinese Luxury Consumer Survey 2014》

Cheung Kong Graduate School of Business is considered the best school for both EMBA and CEO courses among China’s wealthiest individuals. The number of individuals who seek a local EMBA degree has also increased.

China’s high net worth individuals are busier than ever. They are inundated with 7% more business trips than last year – up to 7.5 days per month – leaving less free time available for leisure. Excluding national festivals, the high net worth community spent, on average, 7.5 days on holiday and worked more during the weekends

China’s high net worth individuals are busier than ever. They are inundated with more business trips, leaving less free time to travel for leisure. Millionaires attend business trips on an average of 7.5 days per month, half a day more in comparison to last year. The super-rich must attend business trips lasting as long as 12 days per month, 3 more days in comparison to last year. The number of days millionaires spend abroad travelling has decreased from an average of 2.8 times to 2.1 times per year. Super-rich individuals have also spent less time travelling abroad with an average of 3.4 times the previous year to 1.7 times this year.

Australia ranked 1st this year, replacing France in the top 3 preferred international tourist destinations. France has been top for the past 3 years, but only comes in at 2nd this year. Dubai (United Arab Emirates) has jumped from 8th place to 3rd in the list and the Maldives also rose up the rankings from 10th to 5th place. The United States and Singapore, which ranked 2nd and 3rdrespectively last year, both fell to 6th and 9th place. The United Kingdom fell out of the top 10 this year and in fact, only 3 of the top ten countries are from Europe; half the number in comparison to last year. However, the number of super-rich individuals who travelled to Germany are relatively high.

Sanya has been the most popular domestic tourist destination for 4 consecutive years. Although it remains in 1st place, the proportion of HNWIs choosing to travel there has decreased somewhat. Hong Kong maintains its rank at 2nd place while Macau rose 2 places and is ranked 5th this year. In addition to Sanya, Macau has become the favoured destination among the super-rich. Additionally, Yunnan make into top 3 for the first time.and Tibet exchanged places this year.

Preferred International Luxury Travel Destination Preferred Domestic Luxury Travel Destination
1 ↑ Australia 1 – Sanya
2 ↓ France 2 – Hong Kong
3 ↑ Dubai 3 ↑ Tibet
4 – Switzerland 4 ↓ Yunnan
5 ↑ Maldives 5 ↑ Macao
6 ↓ United States 6 ↓ Hangzhou
7 * Japan 7 ↓ Xinjiang
8 ↑ Germany 8 * Beijing
9 ↓ Singapore 9 ↑ Qingdao
10 * New Zealand 10 ↓ Sichuan Province

↑ =ranked higher than last year ↓ = ranked lower than last year   * New entry this year

Yachts have become the toys of the super-rich with now around 40% owning such luxury machines. This has increased by 10% over the last year. There are still a number of millionaires who own yachts but the proportion of these is lower, standing at 20%. Ferretti has shot back into the top spot as the best yacht brand this year.

David Llewellyn-Smith
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Comments

    • Was going to post this too after I did in the links article. I think we all know where the money is coming from 😀

      You can pick your flavour of economic system, but grafters who abuse political power for personal gain will always do their best.

  1. The question here is what numbers are we talking about?

    There is a different between saying a small percentage of the super rich from Montengro (pop 600k) vs China (pop 1.3 billion) are looking at emigrating.

    Even 50,000 moving into Sydney and Melbourne would have a massive impact on housing prices here