Nearly 50% of Chinese millionaires 'extremely confident' in Chinese economy

Nearly 50 percent of Chinese millionaires remain “extremely confident” in the Chinese economy, according to the latest Hurun Chinese Luxury Consumer Survey 2017.

The proportion of the millionaires who are “extremely confident” in the Chinese economy rose to 46 percent from 28 percent from a year ago,  the survey revealed.

Those who said they have "no confidence" in the Chinese economy fell to six percent from nine percent a year earlier, the survey added.

The survey was conducted among 463 individuals with a personal wealth of 10 million yuan (US$1.5) each and 64 percent of them have assets worth above 100 million yuan.

Real estate is still the most favored investment for China's millionaires because 24 percent of respondents would invest in it, while 22 percent said they would choose equities. The millionaires are also more keen on fixed income wealth management products and mutual funds compared to a year ago.

The survey also revealed that over the next three years, overseas investment and art collection will gain higher interest from the millionaires while bank savings will dim as an investment choice.

At the end of 2016, there were 121,000 families with over 100 million yuan worth of assets in China (including Hong Kong, Macau and Taiwan), up 10.5 percent from a year ago, according to the Hurun Rich List 2017.