The head of one of the biggest companies in China, billionaire Jack Ma. (Photo : Reuters)
Following an ongoing period in which Chinese businesses and entrepreneurs have frequently dominated the world's headlines with activities that include historic initial public offerings (IPOs) and the purchase of world-famous hotel properties, the super-rich of the east Asian behemoth have been analyzed in relation to the oncoming new year in the Chinese calendar.
While the American brand names Forbes and Bloomberg are typically at the forefront of such explorations, a less common name is involved on this occasion due to its focus upon the ultra-high net worth (UHNW) entities within society.
Wealth-X is an intelligence and prospecting firm that announced to the media this week that its 2015 forecast shows that the wealth of China's UHNW population--Chinese nationals with a net worth of at least $30 million--will bolster their overall value by an additional $80 billion over the course of the goat year.
Those responsible for the 5.2-percent increase in the total wealth of China's multi-millionaires will mostly reside in the country's top-tier cities: the residential properties of 60 percent of the super-wealthy will be located in Beijing, Shanghai, Shenzhen and Guangdong.
The Wealth-X analysis is fairly in-depth and also provides details about differences that will appear during the year of "yang" (the Mandarin word to describe the Chinese zodiac symbol that represents the new year).
Philanthropic efforts will be upgraded, including a 24-percent increase in the number of newly formed private foundations, while luxury spending will concurrently go down by about 4 percent during President Xi Jinping's ongoing anti-corruption mission that continues to ensnare top-ranking officials.
Additionally, Beijing's relaxed approach toward forex control will lead to greater levels of overseas investments, resulting in a 5-percent growth per person until a $7-million total is eventually reached.
