Shanghai - a city with 132,000 millionaires

May 13th, 2011 - 4:24 pm ICT by IANS  

Shanghai, May 13 (IANS) Over 132,000 people who have a personal wealth of 10 million yuan ($1.54 million) or more live in Shanghai, a media report said Friday.

Shanghai has the second highest number of wealthy people in China after Beijing, reported China Daily citing the Shanghai Wealth Report 2011 that was published by the Hurun Report and independent financial adviser Gao Fu.

Liu Yongxing, with a personal wealth of about $5 billion, is the richest person in Shanghai.

The city is home to 7,800 super-rich people and they have a personal wealth of 100 million yuan, the media report said.

“Shanghai’s rapid economic development and exploding real estate market has created a situation where 1 in every 175 people in Shanghai is a millionaire,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, was quoted as saying.

An analysis of the data shows that average age of the super-rich is 43 and they have shown considerable interest in fine wines and collecting art.

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