Lorre White reports ‘ Rich Chinese Choose France, US, & Australia’

Rich Chinese Choose France, US, Australia as Favorite Private Jet Destinations

According to the Sydney Morning Herald, the land down under is one of the top holiday choices for China’s super-rich to relax, go sightseeing and shop.

For the second year in a row, Australia has ranked third behind France and the US as the most attractive destination for Chinese millionaires to holiday, according to a report by Shanghai-based private wealth researcher Rupert Hoogewerf.

According to the report, more than 12 percent of Chinese millionaires own holiday houses in Australia. More than 60 percent of China’s millionaires surveyed in the report named travel as their favorite leisure activity. Travel also accounts for close to a third of the millionaires’ average annual spending of $277,000, according to The Chinese Luxury Traveller 2012.

China has recently experienced explosive growth in the number of its millionaires. Mr Hoogewerf, a long-time chronicler of China’s emerging riches, estimates that China has at least 7,500 yuan billionaires – or those holding at least $150 million in assets.

Chinese travelers are big spenders as they private jet around the globe. They take out the top spot in tax-free shopping, with watches and jewels their most favored items, according to the article.

Harry Winston, an international diamond retailer, said in April that strong increases in tourism from China and other emerging markets in Asia continued to fuel growth in demand for luxury products such as jewelry and timepieces.

What happened since the crash? Stocks and many financial investments are now edging closer to their pre-recession peak. Housing prices, however, remain way below their peak-by as much as a third or more in some markets.

And want to talk about the concentration of wealth?

Here’s a Frank gem: “the one percent owns more than 60 percent of the nation’s individually held stocks.”

Source: LORRE WHITE, The Guru of Luxury

LORRE WHITE – WOMAN of ACTION