So how much money does a family really need to live the super luxe lifestyle in China?
In a recent study, “New Aristocracy Threshold,” The Hurun Report indicated that the annual spending threshold for the rich is 106 million yuan (US$15.51 million) this year which is up 22% from a year ago.
For a Shanghai family this would include 29.8 million yuan villa, a downtown apartment in Shanghai, a vacation or holiday home in Sanya in southern Hainan Province. Then you have an average of four cars, five watches, and artwork.
Currently there are 875,000 individuals in China with a personal wealth of 10 million yuan, up 6% and 55,000 people with 100 million yuan, up 8% according to the Hurun Report.