Most of China"s super rich buy children education abroad

Rupert Hoogewerf [File photo]

(ECNS) -- More than 80 percent of China"s super rich send their children abroad for better education, said Rupert Hoogewerf, founder of Hurun China Rich List.

Hoogewerf made the remarks Friday afternoon at an economic forum held in Guangzhou. Forty-three percent of the children study in the United States and 34 percent in Britain, he said.

China has 1.05 million individuals with personal assets of at least 10 million yuan, a year-on-year increase of 3 percent, the biggest growth in the past five years, according to the 2013 Hurun Rich List.

Around 40 years old, each super rich person owns three cars and four expensive watches on average, and 90 percent are men, Hoogewerf said.

Hoogewerf also praised Guangdong for breeding the most private enterprises and the most millionaires on China"s 100 richest people.

He said rich Cantonese tend to keep a low profile and there are more millionaires than is estimated. When asked how to find the "invisible millionaires," he said they collect information about successful businesses through local officials and charities.

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