China’s richest worry less about making more, and more about meeting maker
‘High-net-worth’ crowd is shifting focus from investing to end-of-life issues, according to report
The nation’s wealthiest people are shifting their attention from investment to end-of-life care, with health, retirement and funeral arrangements looming as bigger issues, according to a survey.
Health care was the biggest concern for high-net-worth individuals polled for this year’s survey by Taikang Insurance and Hurun Report, displacing last year’s top issue – investments – which fell to third.
Rupert Hoogewerf, chairman at Hurun Report, said China’s richest people, many in their 40s, were “more concerned and anxious” about insufficient social security and health care among other problems they might face when they were older.
China has 13 million people with at least 10 million yuan (HK$11.6 million) in net assets, and their preferences are closely watched by various goods and services providers aiming to capitalise on their purchasing power.
According to the survey, half of 1,125 respondents chose health care as their “topic of interest” this year, up from 42 per cent last year and ahead of sport at 44 per cent.
They exercised 16 times on average each month – up from 14 times last year, with running still the favourite form of physical activity, followed by swimming, yoga, walking and golf.