Even with the global financial crisis, more people are getting richer in China, the China Daily reported on Wednesday.
By the end of 2009, as many as 320,000 Chinese nationals will each possess at least 10 million yuan (US$1.46 million) of assets, up 6 per cent from last year, the report quoted a survey on private wealth, done by China Merchants Bank and consultancy Bain & Company.
The assets include cash, stocks, funds, securities and real estate investments, which are expected to surpass 9 trillion yuan (US$1.29 trillion) this year, the report said.
China’s southern Guangdong province, whether private businesses are booming, has the largest number of wealthy people, with an estimated 46,000, or 15 per cent of the country's richest. It was followed by Shanghai, Beijing, Jiangsu and Zhejiang.
The results of the survey did not surprise Ma Hua, deputy director of CCTV.com's R&D center, who counts the rich among his friends, the report said.
"The current world financial crisis has had no impact on this group of people because most of them are conservative investors," Ma said.
Ma said his friends made their fortunes by investing prudently in stocks. "Since they create wealth, and have not inherited it, they tend to be conservative in how to use it."
The report found that 80 percent of the interviewees prefer investment with medium or low risk, contrary to previous assumptions that the rich prefer risky ventures.
Liu Zhishuo, an angel investor in high technology, describes himself as a conservative investor. "I don't do short-term. I care about long-term value. I invest if a company's value can increase progressively in 10 to 20 years," said Liu, who did not reveal his wealth.
Liu observed that the odds of becoming rich quickly are getting thin.
"You needs years of experience to grasp opportunities, not luck."
By People's Daily Online
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