Others News
- Survey finds China's young are new rich
Date: 15-Aug-2007 Sources: (Shenzhen Daily)
COMPARED with other countries, China's new urban rich are younger, better-educated and keener to travel, a survey by international credit card organization MasterCard showed Monday.
China will have 8.5 million affluent households with an annual income above US$25,000 by 2015. The 25 million members of those households will have annual discretionary spending power of US$117 billion in constant dollar terms, the card firm estimated.
In 2005, China had 2.9 million such households with US$18 billion to spend on things apart from life's necessities.
Yuwa Hedrick Wong, MasterCard's economic adviser, said China's wealthy were 'shockingly young?compared with their counterparts in North America, Europe and other Asian economies.
According to the survey of 900 people in Beijing, Shanghai and Guangzhou with annual household income between US$16,000 and US$50,000, more than two-thirds were under 40.
The survey found 83 percent of China's young urban rich have a university education and nearly 80 percent of them traveled abroad at least once in 2006. Their purchasing power can be felt 'far and wide,'Wong said.
In general, Hong Kong and Macao remain the top two overseas destinations for newly affluent Chinese. But among those who have been abroad at least five times, Europe and the United States are becoming the favorite destinations, the survey found.
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