A recent survey shows that the newly rich in China are younger than ever.
A study conducted by the Cenozoic Market Supervision Organization shows that 60 percent of the newly rich in China were born in the 1970s and are well-educated.
The survey also categorizes the newly rich, aged from 18 to 45, according to their family incomes. More than 80 percent of the newly rich have an annual family income of 80,000 to 200,000 yuan.
Meanwhile, 15 percent of rich people earn 200,000 to 400,000 yuan on an annual basis. Only four percent are perched at the top of the pyramid, with annual household income hitting one million yuan.
The Cenozoic Market Supervision Organization conducted the survey among 10,000 wealthy people in a dozen Chinese cities.
The survey also shows that in economically advanced cities like Beijing, Shanghai and Guangzhou, the top-grade wealthy own far more expensive sedans priced at around 328,000 yuan. The middle-wealthy tend to purchase a private car around half that price, while the rich people at the bottom can afford a 77,000 yuan private car.
(CRI January 13, 2006)
