Wealth-X gave 8 predictions for the ultra high net worth (UHNW) population in China for the coming year:
1. Social mobility will drive an increase in China’s UHNW population in the lowest wealth tiers;
2. UHNW wealth is expected to grow at a faster rate than the Chinese UHNW population, with an additional $80 billion of wealth being created during the year;
3. Flows of UHNW wealth outside of China will increase, with 5 percent more of UHNW assets held in foreign businesses;
4. Tier 1 cities will increase in relevance with 60 percent of China’s UHNW population calling the four cities of Beijing, Shanghai, Shenzhen and Guangzhou home by the end of the year;
5. Public wealth is expected to grow faster than private wealth in China with an additional $45 billion held in public companies;
6. Luxury spending in China will decrease by 4 percent due to the government’s anti-corruption crackdown;
7. Chinese philanthropy will increase this year, with a 24 percent rise in the number of private foundations established;
8. The number of UHNW expatriates in China will increase by 40 percent over the course of the year.
The Goat is the eighth zodiac sign in the 12-symbol Chinese horoscope.
Wealth-X data shows that 8.4 percent of the world's UHNW population was born in the year of the Goat, the fourth most common Chinese Zodiac sign for UHNW individuals.
Goat UHNW individuals have the lowest proportion of fully self-made UHNW individuals and these individuals are 10 percent wealthier than the global average for UHNW individuals.
Although only six percent of all Goat UHNW individuals are involved in the technology sector, the most prominent "goat" is Bill Gates.
Gates, who founded Microsoft, is the world's richest man. He was born in 1955, another year of the Goat.
source: www.abs-cbnnews.com
