China's Rich Consume Annual RMB Two Million

    China's well-to-do generate annual consumption of RMB 2 million, according to the Hurun 2009 Best of the Best Awards report. Results of a survey of 345 magnates, each with assets worth more than RMB 10 million, showed that 25 percent spend less than RMB 1 million; 57 percent generate consumption of between RMB 1 million and 3 million; and 18 percent, predominantly men, expend more than RMB 3 million in one year. Luxuries, gifts and children's education are the top three consumer targets, followed by travel, recreation and personal collections. Hurun confirms that in the midst of the world financial crisis, China maintains its position as a main luxury market.