China’s rich families are putting health before wealth, study finds

It seems the old Chinese adage that “health is the most precious asset” is one the country’s wealthiest families have taken to heart.

A new study shows that rich mainlanders are spending, on average, about a quarter of the family’s monthly budget on health management, which includes everything from health care products to exercise and regular medical check-ups.

Families owning assets of more than 10 million yuan (US$1.28 million) are spending an average of 14,000 yuan per month on their health and well-being, out of total household expenditure of 57,000 yuan, according to the survey by the Hurun Report and the Shenzhen Catic Wellness Group, which runs fitness clubs and offers professional health services.

For those with assets of 30 million yuan or above, their investment in health averages 23,000 yuan each month – a sizeable chunk of the family’s 82,000 yuan monthly expenditure, said the report, which was released in Shenzhen on Friday.

The results were based on a survey of 500 wealthy, or high-net-worth, individuals with an average personal fortune of 24 million yuan across 11 major cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen.

“To many high-net-wealth individuals in China, appreciation of health is as important, or even more important, than their wealth growth,” said Wang Lan, chairman of the Shenzhen Catic Wellness Group.