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Are chinese in Beijing and Shanghai as rich as people in developed countries? [Copy link] 中文

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Post time 2011-5-15 17:49:11 |Display all floors
Are chinese in the following cities as rich as people in developed countries?

By the end of 2010,
the population of cities had reached
Beijing 19.61 million,
Shanghai 23 million,
Tianjin 12.9 million,
Guangzhou 12.7 million,
Hangzhou 8.7 million,
Shenzhen 8.9 million,
Nanjing 8 million,
19.61        +
23        +
12.9        +
12.7        +
8.7        +
8.9        +
8       
=93.81        million
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Post time 2011-5-15 17:58:55 |Display all floors
Supposed 90% Chinese in these cities have at least one apartment.

On average, the price of one apartment is 1 million RMB (US$0.15 million)

1/3 people in a family= 0.33 million RMB (US$50 thousand)

a personal wealth of 0.33 million RMB (US $50 thousand)
only the apartments were accounted.

How much is the capital wealth in stock market, in the running business and companies?
How much is the salaries wealth?
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Post time 2011-5-15 18:03:12 |Display all floors
With the ongoing urbanization in China, supposed the price of apartments would at least be tripled in 2020, as what in the housing market of the past 10 years.

0.33*3=1 million RMB.

That is to say, only the apartment were accounted, at least 90% Chinese in these cities would be millionair ten years later.
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Post time 2011-5-15 18:12:00 |Display all floors
According to the Shanghai Wealth Report 2011, Shanghai has some 132,000 individuals with a personal wealth of 10 million yuan ($1.54 million) or more, or 1 in every 175 people in Shanghai is a millionaire.

The figures show that the city is home to the second-largest number of wealthy people in China, after Beijing.

The report also found that the city is home to 7,800 super-rich people, those with personal wealth of 100 million yuan. That's a rise of around 7 percent from last year. In total, China has 60,000 super-rich people who are worth 100 million yuan or more, up about 10 percent on last year's figure.

The data indicate that the average age of the super-rich is 43.
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Post time 2011-5-15 18:14:07 |Display all floors
Shanghai Wealth Report 2011 shows that the number of Shanghai-based consumers of luxury goods has grown by 8.2 percent year-on-year.

Hoogewerf further explained that more than 40 percent of those mentioned are clustered in the Yangtze River Delta region, in places such as the provinces of Jiangsu and Zhejiang, and in Shanghai.

"These figures should certainly make the ears of luxury brands around the world prick up. If these luxury brands wish to expand in China, they should first of all check the potential market in the three places mentioned," said Hoogewerf.
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Post time 2011-5-15 18:15:12 |Display all floors
#4, #5 post was copied from Chinadaily.com
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Post time 2011-5-15 18:31:28 |Display all floors
The real estate in which you live yourself usually doesn't account for wealth in most indexes (except when you're paying taxes, of course).
According to this data, an average German citizen has got for about 1,4 Million RMB in wealth - I haven't found any data that includes real estate, as real esate is not traded so often and prices therefore do not really reflect any real value. Average wealth in the US is currently at about 1,25 Million RMB per capita (end of 2010), but is recovering.

But remember, that in western countries there are also substantial diffrences between countryside and city, rich and poor villages and even diffrent regions (average wealth in the US' northeast is much higher than in the US's midwest region - same accounts for southern Germany which is richer than eastern or northern Germany).

However, wealth won't tell you anything about living quality. A better measure of living quality would be income or disposable (after insurances, taxes, depreciation and fixed spendings) income. This tells you about what people really can spend. Money itself is usless: if you have the money to buy a car but you don't actually have a car, this money won't improve your live until you buy the car. That's why economists are maximizing consumption, not investment.

In this context, you might want to read about the Solow Growth Model: according to Solow, a (small) country's GDP would be maximized if it invests 100 percent of its income. But people would then, of course, live a terrible life. So the country should go for maximum consumption, which will lead to a GDP that is lower than the maximum GDP, but people's life will be best. That's what is happening in most western countries, too (at least before the keynesianists got some power again during the financial crisis).

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