What High Net Worth People in China Pursue

On April 12, Hurun Research Institute released the Research Report 2022 on values and lifestyle of high net worth people (hereinafter referred to as the report). The report is divided into eight parts: overview of high net worth people, life awareness and behavior, consumption life, travel life, social contribution awareness, consumption by category, population category segmentation and suggestions on marketing viewpoints.

The project team collected the survey results of 500 high net worth people in tier 1-3 cities in the form of online questionnaire, in which the ratio of men to women was 1:1, and the age ranged from 20 to 59. In the qualitative part, a total of 10 high net worth people with family investable assets of more than 6 million yuan were interviewed in the form of face-to-face and video (including 5 families with investable assets of more than 10 million yuan), covering Beijing, Shanghai, Shenzhen, Chengdu, Wuhan and Nanchang.

The report shows that high net worth people no longer focus solely on luxury consumption experiences such as big brands and famous brands, but enjoy the fun of consumption by ‘feeling cultural handicrafts or customized services in many consumption categories’. In addition, we will continue to build and expand the breadth and depth of personal life value in various aspects such as ‘challenging some high-intensity and difficult hobbies or professional knowledge’ and ‘actively participating in social public welfare’.

21% of respondents regard ‘social contribution activities’ as their daily hobbies and daily lifestyle. In social contribution behavior, donations to disaster / poverty-stricken areas still occupy the mainstream, with 57% and 49% of respondents choosing respectively; ‘Participating in volunteer activities’ ranked third, with 39% of respondents choosing it, which reflects that high net worth people are willing to experience it in action in addition to financial support.

Hurun, chairman and chief research officer of Hurun Baifu, said: ‘In the study of high net worth people, I think 'total household assets' means' self-confidence', while 'investable assets' represents the overall' economic strength '. According to the statistics of Hurun Research Institute, the number of wealthy families with 6 million yuan of assets in China has reached 5.01 million in 2020, of which 1.8 million are wealthy families with 6 million yuan of investable assets, while nearly 80% are wealthy families in mainland China Net worth people have a strong sense of social contribution and will take practical actions, mainly reflected in donations, participation in volunteer activities, etc. ‘

The report shows that investment income has been the main component of the assets of high net worth people for many years, but the proportion of investment income in the assets of high net worth people has shown a downward trend since 2018; At the same time, wages have increased steadily, playing an important role in the income of high net worth people.

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The report shows that ‘health’, ‘happiness’ and ‘stable life’ are the common pursuit of both ordinary people and high net worth people.