140 years ago, Visas Consulting Group was founded in Montreal, Canada. Time has fown, and today Visas Con-sulting Group has expanded to all the main immigration countries and regions, including the US, Canada and Eu-rope; this year, 2014, we celebrate our 17th year in Chi-na. Our services are expanding, and our team is growing, but VisasConsultingscreedhasneverchanged:tohelp our clients build a better life in a new country.Ihadthepleasureofbeinginvolvedinthefounding of VisasConsultingGroupsfrstChinaoffcein1997. In the 17 years since, I have witnessed the gradual ma-turingoftheimmigrationindustryinChina,andhave usedmyprofessionalbackgroundandknowledgeof the law to lead Visas Consulting Group to assist tens of thousandsofclientsinsuccessfulimmigrationapplica-tions,enablingthemtofulfilltheirpromisestotheir families, and to follow their dreams.Today, VisasConsultingGroupistheleaderinChi-nas immigration industry. I often ask myself: what is it thathasenabledustogrowsorapidly? Whatisitthat makesourclientsselectus?Wheneverwearesifting throughUSEB-5projects,ortrainingCanadianimmi-grant investor program applicants for interviews, when-ever we are making arrival arrangements for clients who havesucceededintheirapplication,Irealizethatthe reason is obvious and I become all the more convinced of this fact - expertise determines whether you succeed or fail.VisasConsultingsteamoperatesaccordingtothe standardsofleadinglawfrmsinternationally. Whenit comestothekeystepsintheimmigrationapplication process,Iamalwayspersonallyinvolvedinthelegal decision-making. Wealsoalwaysadheretoapolicyof professionalandtransparentrelationsbetweenclient andlawyer:fromthemomentaclienthiresus,tothe momenttheysuccessfullyarriveintheirdestination country,wefullyguaranteetheirlegalrights. At Visas Consulting,ourcompanyidealsrecognizethatimmi-grationisinextricablylinkedtothedreamsofourcli-ents'entirefamilies,andtotheirfutures.Ourprofound awarenessoftheimportanceofimmigrationtoeach family means that we will never shirk the responsibility they place upon our shoulders. We are honored to have established a strategic coopera-tive partnership with Hurun Report in 2014. This strategic relationship is of great signifcance: Hurun Report special-izesinresearchingthelivesofChinasrich,while Visas Consulting is a bridge to a life abroad for wealthy Chinese people. There is no doubt that our cooperation will estab-lish a new professional benchmark for the industry. Expertise is Visas Consulting Groups way.Foreword Visas Consultings team operates according to the standards of leading law firms internationally... from the moment a client hires us, to the moment they successfully arrive in their destination country, we fully guarantee their legal rights. David Chen Partner Lawyer, Visas Consulting Group; Immigration SpecialistVC-EN.indd 1 2014/5/28 17:07:532About Visas Consulting GroupCreating a Better Life in a New NationImmigration DataImmigrant Investors Survey and AnalysisOverseas Investment45681216182024EducationHappiness IndexHurun Wealth ReportAbout Hurun ReportWith thanks to the following for their contributions:Echo Wang, Liu Yu, Kingsley Wang, Sara Cai, Quincy Hu, Duncan Hewittontents CPhoto: Getty ImagesVC-EN.indd 2 2014/5/28 17:07:5333In1999,whenIcompiledthefrstChinarichlist,we stipulatedthatwealthypeopleneededtobeChina-born and bred in order to qualify for inclusion on the list but wedidnotinsistthattheyhadtobeChinesepassport holders. This was because, even then, we had noticed the emergence of immigrant investors: some wealthy people had immigrated to other countries, though there had not beentoomuchchangeintheirlivesorwork. Theyhad carried on living and investing in China: having a foreign status was purely a matter of convenience. AccordingtotheHurunReportChineseLuxuryCon-sumerSurvey2014,64%ofChinasmillionaireshave already emigrated or are in the process of applying to do so. Migrating as an immigrant investor has become both a distinct trend, and a widely debated topic. So I am very happy that Hurun Report and Visas Consulting Group are nowjointlypublishingthisreport,VisasConsulting- Hurun: Immigration and the Chinese HNWI 2014.FromMarchto April,HurunReportand VisasConsult-ingsurveyedatotalof141highnetworthindividualsin variousmajorcitiesaroundChina.Theiraveragewealth was 42 million RMB. The survey provided us with our frst detailed insight into why HNWIs decide to apply to migrate under the immigrant investor program, and the current mi-gration situation. It demonstrates that the interviewees have many reasons for migrating, but the most common motiva-Introduction Hurun Report has been aware ofthe emergence of immigrant investorssince 1999, and has been observing this sector of society ever since.tioniseducation,followedbyconcernsaboutenviron-mentalpollutionandfoodsafety. Thisechoestheresults of previous Hurun Report surveys on related topics. OtherkeyconclusionsincludethefactthatLos An-geles,SanFranciscoand Vancouverarethethreemost populardestinationsforimmigrantinvestors.Buying property, meanwhile, is the most popular form of over-seasinvestment.Onaveragethosesurveyedwillbuy apartments valued at 6 million RMB [around US$1 mil-lion], mainly for their personal use; real estate markets intheUS,Canadaand Australiahavealreadyclearly been infuenced by Chinese buyers. Another signifcant discoveryisthatthemajorityofintervieweeshave investedonlyafairlysmallproportionoftheirassets overseas:morethan70%haveinvestednomorethan 20% of their total assets abroad.As noted above, Hurun Report has been aware of the emergenceofimmigrantinvestorssince1999,andhas beenobservingthissectoreversince.Wehavecon-stantlybeenonthelookoutforoutstandingpioneersin Chinas immigration industry. Some three years ago, we begantocooperatewith VisasConsultingGroup,and quickly came to the conclusion that they were the lead-ers in Chinas immigration sector. Hurun Report knows Chinas rich, and has borne wit-ness to the development of private enterprise in China. VisasConsultingGroupknowsthebusinessofimmi-gration,andhasbornewitnesstotheshiftsinChinese migration. Now, in this joint report, we offer an insight notjustintothepeoplebehindthestatistics,butalso intoamajortrendwhichnotonlycannotbeignored, but is also worthy of serious contemplation. VC-EN.indd 3 2014/5/28 17:07:544Thehistoryof VisasConsultingGroup(VCG)can betracedbackto1974,whenfoundingpartnerand lawyer, Gaston Perron, opened an immigration practice in Montreal, Canada.Now, 40 years later, Visas Consulting Group has be-comealeadinginternationalproviderofimmigration legal services, with wholly owned or joint-venture legal practicesintheUS(SanFranciscoandLos Angeles), Canada(Montrealand Vancouver),theUK(London), Australia, (Sydney) and New Zealand (Christchurch). Visas Consulting was also one of the earliest immigra-tion advisory companies to enter the Chinese market, and nowhasbranchesincitiesincludingShanghai,Beijing, Guangzhou,Shenzhen,Chengdu,Suzhou, Wuxi,Hang-zhouandNingbo.Inordertoprovidethemostdirect, thoroughservicetoChineseclients,VCG'spermanent staffinChinaincludesalargeteamofforeignlawyers, immigrationadvisersandgovernmentregisteredim-migrationconsultants. VisasConsultingGroupalsoem-ploys a number of former immigration offcials with rich experienceinassessingChinesecitizensimmigration applications. Toensureprofessionalstandardsandqual-ityofservice,aforeignlawyerandanexpertimmigra-tion adviser always take personal charge of each case.Over the past forty years, Visas Consulting Group has helpedtensofthousandsofapplicantstoimmigrate; VCG's success rate has long set us apart from our peers intheindustry.Inparticular,whenitcomestotheUS EB-5investmentprogram, VisasConsultingGrouphas long maintained a 100% success rate in three key areas: projectsuccessrate,I-526provisionalGreenCardsuc-cess rate, and I-829 permanent Green Card success rate. VisasConsultingGroupsprofessionalstandardsand qualityofservicehavewonnotonlypraisefromclients, but also formal recognition from the immigration services ofthetargetcountries. As AndreBoulerice,formerim-migrationministerofQuebec,putsit,VisasConsulting Group has a long history, rich experience and an excellent reputation.WhenIwasimmigrationminister,theout-standingqualityoftheirapplicationdocumentsandtheir excellent success rate left a profound impression on me. LouisLeblanc,Vice-PresidentoftheNational BankofCanada,andthepioneerofCanadianim-migrantinvestorprogram,adds,VisasConsulting Groupstandsoutamongimmigrationagenciesforits outstandinglawyers,excellentinterviewtrainingand thorough relocation services. LarrySilverstein,USrealestatetycoonandpresi-dentofSilversteinProperties,developerofthe World TradeCentersite,says:WechoseVisasConsult-ingGroupasourpartneronEB-5projects,notonly becauseit'sthebestimmigrationconsultancyinthe business, but also because the two companies share the same values: Sincerity frst, reputation above all." VisasConsultingGroup'shighlypraisedrelocation serviceincludesmeetingclientsonarrival,helping themfndtherightplacetolive,andorganizingtheir childrenseducation.Ithasestablishedrelocationser-vicecentersinallthemajorimmigrationdestinations Los Angeles,SanFrancisco,New York,Bostonand Seattle;Vancouver,TorontoandMontreal;London, and various other European countries. Visas Consulting Group is committed to maintaining its leading position in the feld of immigration services, pro-vidingclientswithexpert,timelyandthoroughservice, andtosatisfyingeachclientsspecifcneeds. Aboveall, VCG sees protecting each clients interests as its duty, in order to help them build a better future in a new country.VisasConsultingGrouphasbeenaleadingproviderofinternationalimmigrationlaw services for four decades, offering expert advice to help its clients build a better future. Visas Consulting GroupVC-EN.indd 4 2014/5/28 17:07:555David Chen, partner lawyer at Visas Consulting Group, has worked in the im-migrationfieldfor17years.Heismotivatedbyasenseofachievement:My contributionistogiveourclientsanotherchoice,andgivetheirchildrenthe chanceofabetterchildhood,hesays.ThisechoesVisasConsultingGroups mission: To create a better life for you and your children in a new country. Creating a Better Life in a New NationCreating a Better Life in a New NationHurunReport:Youveworkedinimmigration since 1997. What keeps you in the sector?David:WhenIstartedmycareerIwasattracted bythefactthatthiswasanewareaoflaw.Ialso believedthatthemarkethadhugepotential,since almosteveryoneinmygenerationofuniversity students dreamt of going abroad. Ive stayed in the feld because I really believe our services can help alotofpeople,andchangetheirfamilies'futures. Asalawyer,mycontributionistogiveourcli-entsanotherchoice,andtogivetheirchildrenthe chanceofabetterchildhoodinanewnation.It's this sense of achievement that motivates me!What attracts a client to choose an agent? What makes Visas Consulting Group special? Whencustomersselectanimmigrationagency, they look at a range of factors, such as the size of thecompany,andhowitsstafftreattheirclients. Butintheendmostpeoplebasetheirdecision onthecompanyslevelofexpertise. Whatmakes Visas Consulting special is our expertise, and also thefactthatweprovideafullservicetohelpour clients settle into their new lives abroad. The suc-cessoftheirimmigrationapplication,alongwith theirpositivefeelingsaboutourservice,means that our clients often recommend us to friends and relatives were proud of the fact that 40% of new customers are recommended by former clients.Aretodaysmigrantsusuallywellpreparedfor moving abroad? I would say that today's Chinese immigrant inves-tors are an extremely mature group, with a certain level of resources; most of them are entrepreneurs orseniorexecutives. Theyhaveverycleargoals inapplyingforimmigration,forexampletheir childrenseducation,ortodiversifytheirassets. Were also now seeing some people migrating for healthreasons,becauseofChinasproblemswith pollution and food safety, as well as entrepreneurs migrating because they want to expand their busi-nesses in overseas markets.Whatarethelatesttrendsininvestorimmigra-tion?Before2005,onlyafairlylimitednumberof peopleappliedforimmigrantinvestorprograms; most were aged between 40 and 55, and were the headsofprivateenterprisesfromChinascoastal regions.Sincethen,weveseenagradualbroad-ening of the types of applicant: the catchment area isexpanding,fromthecoaststothehinterland; itsnolongerjustentrepreneurs,butalsosenior executivesandpeoplewhoworkindependently; there are also more young people applying today.What do you see as the signifcance of the publi-cation of this joint report? This survey gives us a chance to assess the poten-tialforChineseimmigrantinvestors.Itoffersan insight into this group of people's motives for mi-grating,thecountriestheyfavor,andtheservices they require, including education, thus enabling us tobetterunderstandfuturetrendsintheindustry, and to provide better services in this feld.David Chen [Chen Zhaohui]Partner Lawyer, Visas Con-sultingGroup;experienced immigration lawyer. Gradu-atedwithanLLBdegree fromLawschoolofFudan University,Shanghai,in 1992,andqualifiedasa lawyerthefollowingyear. Hehasprovidedimmigra-tionservicessince1997, makinghimoneofChinas longest-servinglawyersin this feld.VC-EN.indd 5 2014/5/28 17:07:566By2013,Chinawastheworldsfourthlargestemigration nation, with 9.3 million people having moved to other coun-tries.TheUS,CanadaandAustraliaremainthetopthree destinationsforChinesemigrants,whileEuropehasgradu-ally become another popular choice.Immigration DataPhoto: Getty ImagesVC-EN.indd 6 2014/5/28 17:07:577SourceWolfsdorf Immigration Law GroupUS EB-5 immigration visas issued EB-5 visas issued worldwideEB-5 visas issued to Chinese 2008 2009 2010 2011 201213604218346324087641612419791885772360Onthemapofglobalemigration,Chinahasnowas-sumed an important status. According to the UN's Inter-national Migration Report 2013, there are now 232 mil-lionmigrantsglobally,or4.2%oftheworldpopulation. Between1990and2013,thenumberofmigrantsfrom China increased from 4.1 million to 9.3 million. From beingtheseventhlargestmigrationnation,Chinanow ranksfourth,behindIndia,MexicoandRussia.Interms ofSouth-Northmigration,itrankssecond,alongside India,with8%ofthetotalnumberofSouth-Northmi-grants, behind only Mexico with 13%.AccordingtoThe AnnualReportonChineseInter-nationalMigration2014,by2012therewereatotalof 45.78 million immigrants in the USA, or 14% of the total population. Asthemostpopulardestinationformi-grants globally, the US is also the top choice for migrants fromChina. AccordingtotheWorldBank,therewere 1.96millionChineseimmigrantsintheUSin2010. TheproportionofEB-5immigrantinvestorvisasissued by the US Citizenship and Immigration Services to Chi-nesecitizens,meanwhile,soaredfrom26%ofthe total in 2008 to 80% in 2012. Canadaisthesecondmostpopularemigration destinationforChinesepeople.Governmentsta-tisticsshowthatsome258,000Chinesemigrants obtainedpermanentresidencyinthedecadeto 2012, or 0.7% of the total population. A further 1.09 millionobtainedtemporaryresidency.Withthe exception of 2010 and 2011, when it ranked second behindthePhilippines,Chinahasbeenthelarg-estsourceofmigrantstoCanadaeachyearsince 2003.In2012,33,000Chinesemigrantsobtained permanentresidencyrights;therewerealso15,000 Chinese people with Canadian working visas. China has also topped the rankings for student visas since 2003: in 2012, over 80,000 Chinese people held Ca-nadian student visas; the Republic of Korea and the US lagged far behind in second and third place. Australias population was 21.51 million in 2011, up 8.3% from 2006. Much of this increase was due toimmigration:byJune2013, Australiahad6.4 million migrants, equal to 27.7% of its total popu-lation.Chinesemigrantsaccountedfor1.8%ofthe population,behindonlytheUK(5.3%)andNew Zealand (2.6%).Europehasalsobeengrowinginpopularity.By 2011,thenumberofChineseimmigrantsinEU countries reached 2.31 million. The top destinations were the UK (630,000), France (540,000), and Italy (330,000),followedbySpain(170,000),Germany (170,000)andHolland(160,000).Theincrease in migration has also boosted bilateral trade, which grew to 42.7 billion dollars by 2009.Note Thesestatisticsrefertothenumberofnon-nativeresidents calculatedbytheUN,withnobreakdownastowhetherornotthese people have received permanent residency or citizenship.Note TheUNdefnesmigrationasmovingfrom:southtonorth, fromdevelopingcountriestodevelopedcountries;north-north,be-tween developed countries; north-south, from developed countries to developing countries; and south-south, between developing countries.Note These fgures from the Australian Statistics Bureau are for the number of non-native residents, with no further breakdown. Note These fgures from Eurostat and the European Migration Net-work are for the number of non-native residents, with no breakdown as to permanent residency or citizenship. VC-EN.indd 7 2014/5/28 17:07:578Migrants level of educationSources of assets55%Bachelors degree30%Master's degree13%Senior high school or below2%Doctorate31%27%23%10%6%3%Immigrant investors usually have liquid assets of over 10 million RMB. More than half have degrees. Quality of education and pollution are their main reasons for migrating. The US and Canada are their preferred destinations, with LA, San Francisco and Vancouver the most popu-lar cities.In 2011, Hurun Report and the Bank of China jointly published the White paper on Chinese peoples private wealthmanagement,basedon980interviewsin18 mainlandChinesecities,whichrevealedthat60%of high net worth individuals intended to leave the coun-try.Thisnewswaswidelyreportedbymajormedia, emphasizingthatemigrationattractsinterestfromall sectors of society. This White Paper, Immigration and the Chinese HNWI 2014, produced jointly with Visas ConsultingGroup,seekstoprovideadetailedinsight intosuchpeoplesreasonsformigratingtheiraims, their assets and investments, their childrens education, and how this affects succession in their businesses as wellasassessingwhatinfuencesuchmassivemigra-tionmayhaveonChina.(N.B.this WhitePaperonly covers investor immigration, not skilled-worker immi-gration or other types of immigration.)Thosewithliquidassetsofmorethantenmillion RMBhaveagreaterchanceofbecomingsuccessful immigrant investors. Such people tend to be relatively Immigrant Investors Survey and Analysishighly educated. More than half have a bachelors degree, more than30%amastersdegree;onlyasmallproportionhavere-ceived only senior high school education or lower. Their assets come mainly from their own savings from sala-ries, returns on investments, and running their businesses. Only a small proportion inherited their wealth and savings.Educationistheirmainreasonforconsideringmigrating. Feesareonefactor:inmanycountries,tuitionfeesforforeign anddomesticstudentsaredifferent;thusoveranumberof years,thecostofemigrationevensitselfout. Anotherfactoris the rapid fall in the average age at which children go abroad to study:manyparentshaverealizedthatifchildrenleavehome too early, this can have a negative impact on their development. Therefore they want the whole family, or at least the mother, to accompany their children when they go abroad.Source: Visas Consulting - Hurun Report, Immigration researchSalary and incomeReturns on investmentOperating businessGiven by familySelling companyInheritanceVC-EN.indd 8 2014/5/28 17:07:579Emigration destinationsReasons for emigration21%20%19%15%11%8%2%2%2%1%1%Los AngelesSan FranciscoVancouverNew YorkTorontoSeattleBostonMelbourneNew ZealandSydneySingaporeUKHongkong, ChinaChicagoFranceCanberraJapanSpainItalySaint Kitts & NevisPortugal12345678910111213141516171819191913.9%13.7%13.4%8.6%8.4%7.6%4.6%4.3%4.1%3.5%2.8%2.5%2.3%1.8%1.5%1.3%1.0%0.8%0.5%0.5%0.5%Source: Visas Consulting - Hurun Report, Immigration researchEducation qualityEnvironmental pollutionFood safetySocial welfareStandard of medical careAsset securityReproduction limitsWhere to give birthOtherIPOTax concernsProvince/City RateIntheHurunReport/XingyeBank'sjointChinaSpiritualIn-vestments WhitePaper2014,87%ofintervieweesexpressed dissatisfactionatChinaspollutionproblem.Somecountries havesoughttolureChineseHNWIsbypromisingahealthier and longer life. The crisis in confdence in food safety has also become a signifcant reason why HNWIs consider migration. Only8%ofpotentialimmigrantinvestorsareconcerned aboutthesecurityoftheirassets.Otherconcernsincludelim-itsonreproduction(i.e.Chinasfamilyplanningsystem)and wheretogivebirth(linkedtoaccesstowelfareinvarious countries), though neither of these is a major factor.TheUSandCanadaremainthetopdestinations.While CanadaabolisheditsFederalImmigrantInvestorProgramand FederalEntrepreneurPrograminearly2014,rejecting57,000 Chinesepeoplewhowereintheprocessofapplying,research suggests this has done little to dampen interest in Canada. Aus-tralia and New Zealand are joint third choices.Anexcessivelylongwaitingtimeisseenbymorethanhalf ofmigrantsasthebiggestobstacleintheapplicationprocess. Language barriers and the diffculty of integrating are other ma-jorproblems.Consequently,manypeopleconsidermovingto, orinvestingin,ethnicChineseneighborhoods. Thisisamajor factor in the popularity of cities like L.A., San Francisco, Van-couver, New York and Toronto among Chinese people. While the decision to emigrate may be the result of a number of factors, the choice of destination country may be infuenced VC-EN.indd 9 2014/5/28 17:07:5710Major diffculties in migration process28%15%14%13%10%8%7%25%22% 22%21%11%3%3%Reasons for choosing immigration countrySource: Visas Consulting - Hurun Report, Immigration researchby factors such as simplicity of application procedures, andtheeaseofgettingagreencard.Migrantsdonot seemtobesignifcantlydeterredbyrequirementsfor an initial period of compulsory residence; this suggests that few are seeking to gain permanent residence status without actually moving to their chosen country. Whenchoosinganagent,professionaladviceand past success rate are the main criteria; a failed applica-tion not only means a huge waste of time, but can also make it very diffcult to succeed in future.China does not allow dual nationality, meaning any-onewhogetsaforeignpassporthastogiveuptheir Chinesecitizenship.Nevertheless,63%ofthosesur-veyedwouldconsidergettingaforeignpassportafter immigrating. Atthesametime,40%fearedthatthe lossoftalentandcapitalcausedbymassemigration would weaken China. However,theUN'sInternationalMigrationReport 2013 emphasizes that China is also becoming a migra-tion destination. In 2010, 685,775 foreigners held Chi-nese residence permits, while in 2009 there were over 200,000 foreign students in the country, more than the numberinCanadaor Australia.John Ashe,President oftheUNGeneral Assembly,notesthatifproperly managed,migrationcanreducepoverty,improvehu-man resources, and contribute to global development. Excessive waiting timeLanguage barriersDiffculties in assimilating into local societyApplication problemsExcessively high costFeel lonely/helpless living abroadFamily cannot all move togetherBusiness facing grim outlookOtherEasy to get Green CardFriends and family already thereOtherSimple proceduresCompulsory residency requirementsVC-EN.indd 10 2014/5/28 17:07:5711Factors in selecting a immigration agent27%23%13%10%10%9%4%4%Source: Visas Consulting - Hurun Report, Immigration researchProfessional adviceSuccess rateService/attitudeApproach to drawing up immigration portfolioBusiness projects Friends recommendationsGuidance re. visa interview Research trips to destinationThe2014HurunGlobalRichListin-cludes458billionairesfromtheGreater China region. 358 of them live in mainland China,HongKongorMacau,37livein Taiwan, and 18 in Singapore.TheUStopstherankingsforthemostimmigrantbillionaires, with 41, or 9% of its total number of billionaires. They come from a number of countries and regions, including China, South Africa, Hungaryand Taiwan. TheUKrankssecond,with30immigrant billionaires,accountingfor39%ofitstotalnumber. Theycome from countries including India, Russia, Brazil and the US.Source Hurun Global List 2014Proportion of immigrant billionaires ChinaTaiwan (China)SingaporeIndonesiaPhilippinesUSAMalaysiaThailandAustraliaUKTotal1234567899358371814888511458Where they live No. of BillionairesUSAUKSwitzerlandRussiaHK, ChinaSingaporeAustraliaCanadaUAEBrazilMonacoTaiwan (China), Hungary, S Africa, India, China, IsraelIndia, Russia, Brazil, USGermany, Russia, UK, Italy, France, SwedenUkraine, Azerbaijan, KazakhstanTaiwan (China), UK, other EuropeChina, IndonesiaUS, Southeast AsiaUS, UKIndiaLebanonItaly, Lebanon4130171688776559%39%30%16%2%29%24%20%35%10%100%Immigration Billionaires% of total Province/City Brought up inPlace of residence of billion-aires from Greater ChinaVC-EN.indd 11 2014/5/28 17:07:5712Overseas InvestmentInvestment philosophy Investment management approachMain areas of overseas investmentSource: Visas Consulting - Hurun Report, Immigration research 67%Stable and healthy growth, normal returns, a certain amount of risk4%Aggressive growth, search for very high returns, high risk29%Avoid all losses, protecting the security of assets39%25%22%8%6%Migrantspreferstableinvestments.Real estate,fixedincomeproductsandstocks arethemostpopularareas.Assetdiver-sificationisthemainreasonforinvesting abroad.Theymainlybuypropertyover-seasfortheirpersonaluse,inareaswith good educational facilities.Investment BehaviorInvestmentphilosophyandapproachesto investment managementStableandhealthygrowthistheguidinginvestment principleofthosesurveyed;67%favorthisapproach. Only4%ofHNWIschooseanaggressive,relatively high-riskgrowthstrategy.Withtheglobaleconomy reviving,moreofthosesurveyedfavorrationalinvest-ment, with a fair emphasis on limiting risks, rather than pursuing high profts, regardless of the potential pitfalls. Whenitcomestochoosinghowtoinvest,39%of those surveyed have a preference for specialist invest-mentinstitutions.Handlinginvestmentsthemselvesis the second most popular approach, favored by 25%.Types of InvestmentThethreemostpopularareasforoverseasinvest-mentarerealestatechosenby43.4%ofthosesur-veyedfxedreturninvestmentproductsfarbehind with17.1%andstocks,with13%.8.4%ofrespon-dentsfavoralternativeformsofinvestment,primarily jewelry, watches, red wine and works of art. Chinasdomesticrealestatemarkethasnowen-teredarelativelymaturestage:researchbytheBank ofChinasuggeststhat,withthetighteningofloans for 2015, and the relatively high price base, growth in sales value will slow to 9.5%. Rely on specialist investment institutionsSelf-managementAdvice from family or friendsRely on private banksFollow advice from media Real estateFixed incomeShares SavingsGoldPrivate equity Alternative investmentsNon-listed ompanies43.4%17.1%13.0%9.3%8.4%3.3%3.0%2.6%VC-EN.indd 12 2014/5/28 17:07:5813Analysis of investment concerns Overseas investment confdence indexAllocation of assets overseasSource: Visas Consulting - Hurun Report, Immigration research Extremelyconfdent20~50%ConfdentFairly confdentless than 5%Not confdentNo responseover 50%15%52% 25%8%32%18% 18%12% 12%8%After years of high growth, some Chinese real estate companies are seekingtoreduceinventory,deepeningthemarketspredictionsfora slowdown in price rises. Overseas property, meanwhile, seems to offer valueformoney,andafairlysignifcantproportionofhighnetworth individuals have gradually made overseas property their top investment priority.AccordingtoKnightFranks,Chi-nesebuyersbought27vineyardsinFrance'sGironderegion,totalling 15% of the area of vineyards sold. The fgures are particularly striking since they come just years after the frst Chinese buyer bought a vine-yard in Bordeaux, in 2008.Trusts and equity investment will also develop in the future, and this feldislikelytobecomeanewfocusforHNWIs.Investmentinequi-ties has a high threshold, and high returns. With HNWIs generally quite sensitive to returns on their capital, and willing to accept a certain risk-profitratio,theyarelikelytobecomeleadinginvestorsintrustsand equities in the future, and the sector is likely to develop more rapidly. Those surveyed identifed a lack of fnancial and investment knowl-edge as their biggest challenge when investing (32%); a lack of invest-mentchannelsandtimewasthenextmostcommonconcern.More investmentandfinancialmanagementtrainingcourses,andawider choiceofinvestmentchannels,wouldhelpaddresstheseproblems. Oncewealthypeoplehaveathoroughunderstandingoftheirinvest-ment options, and more choices of channels, their investment is likely to increase. Investing AbroadChinaisnowoneofthetop3nationsforoverseasinvestment,be-hindonlytheUSandJapan. AccordingtotheChinesegovernment's official2012StatisticalBulletinofChinasOutwardForeignDirect Investment,16,000Chineseinvestorsestablished22,000directly-investedenterprisesin179countriesandregionsin2012,investinga nettotalofUS$87.8billion.Ofthis,US$10.07billionwentintothe fnancial sector, the rest into non-fnancial investments. The cumulative totalofoutwardforeigndirectinvestmentwasUS$531.94billion,of which US$96.45 billion was in the fnancial sector. With the international economy showing signs of a gradual recovery inrealestate,andagradualimprovementinmacro-economicindica-tors such as the employment rate and PMI, more and more HNWIs are expressingconfdenceininvestingoverseas:morethan50%ofthose surveyedsaytheyareeitherconfidentorfairlyconfident.Those whoareconfidentsaytheyplantobuypropertyoverseaswithinthe next three years; those who are fairly confdent intend to buy property overseas at some point in the future. Insuffcient knowledge about investment/fnancial managementWish to make particular invest-ments, but lack channels to do soNo time to make other investmentsDiffculties in transferring fundsUnacceptably high risksInsuffcient funds4.3%47.8% 18.1%29.7%VC-EN.indd 13 2014/5/28 17:07:5814Reasons for investing abroad20%19%16%11%10%9%7%4%2%1%1%Overseas asset allocationMostofthosesurveyedhaveinvestedarelativelysmall proportion on average 16% of their total assets overseas, with more than 70% investing less than 20% of their assets abroad. Only 8% have put more than 50% of their assets into investments abroad. However, as new channels for investing overseas continue to open up, and as attitudes to investment continuetomature,weexpectthatmoreandmoreHNWIs willwishtoincreasetheproportionoftheirinvestments abroad.Reasons for investing abroadDiversifyingassetsandspreadingriskarethemostcom-monreasonsforinvestingabroad,citedby20%ofthose surveyed. One major factor is the perception that there is an element of 'bubble' in Chinas real estate prices, particularly ascomparedtoaverageincomes,whilerealestateabroad appears to offer good value for money. Childrens education isanothermajorfactorinstimulatinginvestmentabroad, with 19% of those surveyed citing this as a motivation.Investment immigration thresholdOn average, respondents see 5 million RMB as an appro-priate amount to spend on immigration. 44% see 2-5 million RMB as ideal; 22% are willing to invest 2 million RMB.Overseas PropertyChinesegovernmentfguresshowChineseinvestmentin overseasrealestateofUS$2.02billionin2012. Theslow-downinthedomesticrealestatemarket,andpredictions offurthermarketcooling,arelikelytoleadtomorecapital fowing into overseas property. Real estate company Knight Frank notes that more and more wealthy Chinese people are buyingpropertyabroad;manyattendoverseaspropertyex-hibitions or join group trips to buy property overseas. Motivations and amount invested 70%ofthosesurveyedbuypropertytoliveinthemselves; onlyaroundone-thirdbuyitasaninvestment.Closetoa quarterofthosesurveyedwouldconsiderbuyingpropertyin a country to which they have no plans to emigrate; half, how-ever,wouldnot.Onaverage,thosesurveyedwanttoinvest around6millionRMBinproperty.45%wouldliketoinvest between 3 and 6 million RMB, 29% less than 3 million. A lack ofknowledgeaboutinvestinginothercountrieslimitstheir investment. 6% wish to invest more than 12 million RMB. Source: Visas Consulting - Hurun Report, Immigration research Diversifying assets, spreading risk Childrens educationInvesting in hope of being able to emigratePreparing for future retirementHave idle cash, hope to increase its value by investing abroadSecuring value of wealthMake it easier to travel abroadOtherSee others earning from investments, want to try tooMake it easier to develop business abroadWay to pass on wealth to the next generationVC-EN.indd 14 2014/5/28 17:07:5815Source: Visas Consulting - Hurun Report, Immigration research Amount to invest in overseas property (RMB) Most popular places to buy real estateType of property to buy in 3 yearsNeighborhoods in which to buy property46%23%17%15%Los AngelesSan FranciscoVancouverNew YorkSeattleTorontoBostonSydneyMelbourneSingaporeNew ZealandUK12345678999918%16.5%13.6%9.9%8.5%7.7%5.5%2.2%1.8%1.8%1.8%1.8%Province/City Rate6%More than 12 millionNo response3~6 million45%Less than 3 million29%6~12 million15%5%Locations for buying property overseasLos Angeles, San Francisco and Vancouver are the three most popularcitiesforinvestment,largelybecausetheyarewell-known in China, not least for their sizeable Chinese communi-tieswhichmakeassimilationeasier.Thosesurveyedshowa clear preference for North America, which supplies seven of the tenmostpopularlocations.TheMelbourne,Singapore,New Zealand and UK rank joint 9th, with 1.8% support. Preferred types of property/neighborhoodStrikingly,only4%ofrespondentsarenotconsideringbuy-ing property abroad in the next three years. 38% plan to invest in detached villas; 26% favor apartments. 46% prefer areas close to education facilities, while 17% fa-vor city centers. 23% prefer an ethnic Chinese neighborhood. MethodologyThe research cited in the Immigration and the Chinese HNWI 2014 comes from a survey of mainland Chinese high net worth individuals, carried out by Visas ConsultingandHurunReport. ThissurveywascarriedoutviaquestionnairearoundthecountrybetweenMarchand April2014.141validquestionnaireswere returned, including 60% from Tier 1 cities such as Beijing, Shanghai and Guangzhou, and 40% from second and third tier cities. The respondents were all HNWIs with personal assets of more than 6 million RMB: 38% had assets of less than 10 million RMB, 51% had assets of 10 to 50 million RMB; 5% had assets of 50 to 100 million RMB; and 6% were worth more than 100 million RMB. The average wealth of respondents was 42 million RMB. The research also included in-depth interviews carried out face to face by Visas Consulting and Hurun Report.For details, please contact Hurun Report or Visas Consulting for the full report.Detached villaApartmentRow-houseFarmStoreNo planIslandCastleSchool/education districtEthnic Chinese neighborhoodCity centerSuburb38%26%14%7%6%4%3%1%VC-EN.indd 15 2014/5/28 17:07:581628.7% see the UK as the best place to study at high school level or be-low; at university level, 36% favor the US. The average age at which millionaires send their children to study abroad is 18; the super-rich send their children abroad earlier, at an average age of 16. Source: Hurun Report Chinese Luxury Consumer Survey 2014Sending children abroad to study is still the dominanttrend. Adecadeago, Australiaand Canadawerethemajordestinationcountries foreducation,largelythankstoreputation, word of mouth, and the accessibility of visas. Times have changed however, and with shifts invisapolicy,andmoresuccessfulbranding by educational establishments in other coun-tries, the UK and US have displaced Austra-lia and Canada as the most popular education destinations for Chinas millionaires.Inrecentyears,wehaveseenacontinua-tion of the tendency to favor the UK for high school, and the US for university studies. At senior high school level and below, 28.7% of thechildrenofChinesemillionairesprefer the UK, while 26% choose the US; at under-graduate level and above, 36% favor the US.Canada also remains popular for high school educationandbelow,while Australiacontin-ues to attract more students at university level. Switzerland, with its reputation for aristocratic education, completes the top fve.TheaverageageatwhichChinasmil-lionairessendtheirchildrenabroadtostudy is18. Amongthechildrenofthesuper-rich, theaverageislower,atjust16yearsofage. Ingeneral,thetrendtowardssendingchil-Study Abroad Destinations (High school & below)Study Abroad Destinations (Undergraduate & above)28.7%1 23 510 9 8 7 626.2%7.5%2.1% 2.3% 2.8% 3.4% 3.6%12%US UKSwitzerlandHong Kong(China)Germany France Singapore NewZealand49.4%Australia CanadaTop 10Top 1036.4% 24.4%6.2%0.7% 1.4% 1.5% 4% 4.8%10.8% 8.4%Education1 2UK USSwitzerland Canada AustraliaFrance Germany Japan Singapore NewZealand3 5 410 9 8 7 6VC-EN.indd 16 2014/5/28 17:07:5917The Hurun International Schools Guide Series now covers eight countries and regions, providing parents with an insight into boarding schools and university education in the UK, US, Switzerland, Singapore, Canada, Hong Kong (China), Australia and New Zealand.Stage at which study abroadReasons for choosing travel destination8.9%63.4%39.2%22.3%12%11%9.4%9.1%2.9%23.9%22.9%16.8%10.7%18.6%UniversitySenior High SchoolJunior High SchoolElementary SchoolNo plan to study abroadPostgraduateSource: Hurun Report Chinese Luxury Consumer Survey 2014dren overseas at an earlier age is becoming increasinglypronounced:whilethosewho goabroadatuniversitylevelremainthe largestgroup,thenumberofstudentswho go overseas for senior high school has now almostcaughtup. Agrowingnumberof parents are also choosing to send their chil-drenabroadinjuniorhighschooloreven elementary school. Thefashionforsendingchildrenabroad tostudyhasalsoplayedanimportantrole instimulatinginternationaltravel.Re-searchingcountrieswheremychildren might study now ranks fourth in the list of reasons for choosing a travel destination.Leisure/Tourism BusinessShoppingResearch into childrens studyResearch into investmentResearch into immigrationVisiting friends and relativesHealth/ Medical careVC-EN.indd 17 2014/5/28 17:08:0118Happiness IndexHappiest moment 29%24.6%20.1%14%13%11.9%7.8%7.2%65.9%75.5%69%59%411.7%312.8%243.1%Family lifeRecognition from othersGreatest wishMillionaires see good health as the truestformofhappiness;more thanhalfofthemwishforgood health above all else. More than a quarter see the birth of their child astheirhappiestmoment;they arenotablyhappierathomethan in their work. The happiness index is an absolute standard forevaluatingqualityoflife.Highnetworth individualsdegreeofhappiness(onascale of1to10)is:life:8.26;work:7.88;overall: 8.16. Generally speaking, their personal lives givethemmorehappinessthantheirwork, whilefemalesarehappierthanmales.Itis also clear that, whether in terms of life, work, ortheiroverallhappinessranking,thesuper rich are happier than ordinary millionaires.Are you happy?29% of millionaires chose the birth of their child as their happiest moment, making this thetopchoiceparticularlyamongwomen. There was a gender gap too when it came to thethirdchoice,marriage.Foundingmy companywasthesecondchoice,thoughit was favored more by the super rich.Morethanhalfthosesurveyedwishedfor goodhealthaboveall;thiswasparticularly favored by those aged 45 and over. A family life came second; female millionaires showed a particular preference for this choice.Source: Hurun Report Chinese Luxury Consumer Survey 2014Birth of childFounding of companyFounding of companyAdmission to universityFalling in loveUniversity graduationOtherCompany listing on stock market1HealthStudy opportunitiesMaterial needsOther LoveVC-EN.indd 18 2014/5/28 17:08:0119Degree of happiness at work Level of happiness in family lifeSleep at weekends Sleep on work days47.7%FairlyhappyVery happyUnsure28.6%23.7%2.9%36.3%18%16.9%15.5%14.4%13.4%Status of which you are proudestWorkOnly 28.6% are very happy in their work, including moreofthoseunderthirty. Themajorityparticularly women and those between 31 and 45 are 'fairly happy'. Forthemajorityofmillionaires,particularlymales, theirstatusasentrepreneursistheirgreatestsourceof pride. 25% of the super rich, meanwhile, attached most importancetotheirstatusasgovernmentadvisors, second only to the proportion who chose entrepreneur; only13.3%ofothermillionaires,however,chosethis option. Family and Personal LifeMore than half Chinas millionaires see their spouse/partner every day, another quarter on a weekly basis. 40.8% see their parents every week, while 20.1% see them every day. Themajority(67.9%)feelthattheirfamilylifeis'very happy'; the proportion is higher among those aged between 31 and 45. 29.1% describe their family life as fairly happy, with the super rich more likely to choose this option.SleepissomethingChinesemillionairesareincreasingly concerned about. Most sleep for 6 to 7 hours on working days. Only 15% of millionaires sleep for more than 8 hours. Source: Hurun Report Chinese Luxury Consumer Survey 20141.7%31.4%51.9%Average: 6.6hrs15%1.8%11.5%44.4%42.3%Less than 4hrs4~6hrs4~6hrs6~7hrs6~7hrsAt least 8hrsAt least 8hrsLess than 4hrsAverage: 7.2hrsEntrepreneurChamber of Commerce leaderGovernment advisorIndustry association leaderOtherPhilanthropist29.1%Fairlyhappy67.9%Very happyUnsureHurun Report Chinese Luxury Consumer Survey MethodologyDuring the second half of 2013, the Hurun Research Institute surveyed 393 mainland Chinese millionaires, with personal wealth of at least ten million RMB (USD 1.6 million / Euro 1.2 million / GBP 1 million), of whom 41 had personal assets of more than 100 million RMB (USD 16 million / Euro 12 million / GBP 10million). Theratioofmaletofemalemillionairessurveyedwas6:4.Overthepastdecade,theHurunReportChineseLuxuryConsumerSurveyhasinter-viewedatotalof4,818Chinesemillionaires,12%ofwhomhadwealthofmorethan100millionRMB. TheHurunResearchInstitutehasalwaysinsistedon carryingoutthesesurveysface-to-face,andcompilestheresultsintoresearchreportswhichofferthebroadest-rangingandmostin-depthinsightintoChinas millionaires. Its Chinese Luxury Consumer Survey is thus now widely accepted as the benchmark for research into Chinas High Net Worth Individuals.VC-EN.indd 19 2014/5/28 17:08:0120Hurun Wealth ReportAccording to the latest statistics from the Hurun Rich List, China currently has 149 people with assets of at least ten billion RMB, 29 more than last year. However, there are also approximately 150 people with hidden assets, worth at least ten billion, who are not included in the statistics. There are 67,000 super-rich with assets of at least 100 million RMB an increase of 2,500 people from last year.The number of millionaires with hid-den wealth is around double the number of those whose wealth is out in the open; how-ever, the richer they are, the smaller the percentage who conceal their wealth. Known Wealth149 pax1000 pax10 billion RMB2 billion RMB*Hidden Wealth151 pax2000 pax10 billion RMB2 billion RMB*Threshhold for inclusion on the Hurun Rich List*300 pax3000 pax67000 pax1.09 million pax2.9 million paxTotal Wealth 201410 billion RMB2 billion RMB*100 million RMB10 million RMB6 million RMBPhoto: Getty ImagesVC-EN.indd 20 2014/5/28 17:08:0321Millionaires by categoryWealth Report: The Millionaire ClassThere are now 1.09 million millionaires (worth at least 10million RMB) in China, up3.7%from last year. The tenprovincesandcitieswiththemostmillionairesare unchanged: Beijing is still top, with 192,000 millionaires, or 17.6% of China's total, while Guangdong province and Shanghai are second and third, with 180,000 and 159,000 millionaires respectively. Tianjin has again seen the fast-estgrowth,with8.4%moremillionaires(afteran11% risein2013),followedbyShanghai,with12,000new millionaires,an8.2%rise.InnerMongolia,meanwhile, sawthegreatestdecline,losing5.4%ofitsmillionaires, largelyasaresultoftherealestatebubble. Wepredict that China will have 1.21 million millionaires by 2017.Private Business OwnersMorethanhalfofallChinesemillionaires 600,000,up70,000on2013areprivatebusiness owners. Theirenterprisesaccountfor60%oftheir assets;cashandshares18%.Theyownproperty worth 2 million RMB, and cars worth 200,000.High-salaried ExecutivesThisgroupofseniormanagerialstaffinmajor Chinesecorporationsandmulti-nationalcompa-nies receive large salaries and bonuses. Numbering around218,000people,theyaccountfor20%of Chinastotalnumberofmillionaires. Theirhomes make up 50% of their assets; cash and shares 20%. They own investment property valued at around 2.5 million RMB, and cars worth half a million RMB. Real Estate InvestorsSome15%ofmillionairesinvestmostoftheir wealth in real estate, with an average of 5.5 million RMB in investment property, homes worth 3.5 mil-lion RMB, and cars worth half a million RMB.Professional Stock Market InvestorsTheproportionofprofessionalstockmarketin-vestors among millionaires has fallen 5% this year, to 15%. They invest 30% of their wealth in shares, and20%inrealestate. Theirhomesareworth4.5 million RMB, their cars half a million RMB. Source: Hurun Research InstituteWhere they live12345678910111213141516171819202122232425262728293031BeijingGuangdongShanghaiZhejiangJiangsuFujianShandongLiaoningSichuanTianjinHenanHebeiHunanHubeiShaanxiShanxiChongqingInner MongoliaHeilongjiangJiangxiAnhuiJilinYunnanGuangxiHainanGuizhouXinjiangNingxiaGansuQinghaiTibetTotal China Province/CityNumber of peopleGrowth rate% of totalPredicted num-ber in 2017 1920001800001590001330007900040000400002970027800206001970016000157001510015000146001310012300115001000099008400692061004500370034009508007404904.4%4.7%8.2%0.8%4.0%2.0%5.3%-2.3%3.7%8.4%5.4%-1.2%3.3%2.7%2.7%-1.4%2.3%-5.4%-1.7%2.0%3.1%1.2%6.5%5.2%4.7%5.7%3.0%5.6%8.1%5.7%6.5%17.6%16.5%14.6%12.2%7.3%3.7%3.7%2.7%2.6%1.9%1.8%1.5%1.4%1.4%1.4%1.3%1.2%1.1%1.1%0.9%0.9%0.8%0.6%0.6%0.4%0.3%0.3%0.1%0.1%0.1%0.0%217050201461181543150391875374300043438316053018922830211781685416878163981612515379143701295612113105331042886077439642547893897348410018207795021.09 m 3.7% 1.21 m55%20%10%100%PrivatebusinessownersHigh-salaried executives15%Real estate investorsProfessional stock market investorsVC-EN.indd 21 2014/5/28 17:08:0422Wealth ReportThe Super RichOn average, Chinas super rich spend 12 days a month traveling on business, and take 11 daysholiday a year. 40% of them go yachting, and 40% of them intend to buy a pri-vateplane.Realestateistheirfirstchoicewhenitcomestoinvestment,whilereading books is their favourite leisure activity. In 2014, China has 67,000 super rich, an increase of 2,500 over last year. We predict that by 2017, the figure will rise to 73,000.In 2014, Chinas super rich number 67,000, an increase of 2,500overlastyear.Beijing,GuangdongandShanghaire-main the three places with the highest concentration of super rich;ofthese,Shanghaihasseenthefastestgrowth,witha 7.1% increase over the past year. There has been no overall change in the cities and provinces whichmakeupthetopten,butSichuanhasleapfroggedLia-oning to climb to eighth place. Among Chinas provinces, Lia-oning has seen the sharpest fall in the number of its super rich, withan8.5%drop. Tianjinsrankingremainsunchanged,but the number of super rich has risen more rapidly here than any-whereelseincountry,risingfrom1,400to1,600people,an increase of 14.3%. Guizhou, in south-west China, experienced the second largest increase.Photo: Getty ImagesVC-EN.indd 22 2014/5/28 17:08:0723 Source: Hurun Research InstituteThe Super Rich by Category80%Business owners5%Professional stock market investors15%Real estate investorsWhere they live12345678910111213141516171819202122232425262728293031BeijingGuangdongShanghaiZhejiangJiangsuFujianShandongSichuanLiaoningTianjinHenanShanxiHebeiHubeiAnhuiShaanxiHunanJiangxiChongqingInner MongoliaHeilongjiangYunnanJilinGuangxiGuizhouXinjiangHainanNingxiaGansuQinghaiTibetProvince/CityNumber of peopleGrowth rate% of totalPredicted num-ber in 2017 Total China67,000 3.7% 73,000 100%The super rich an overviewChinas super rich spend almost half their time travel-ing, with an average of 12 days of business trips a month, 3 days more than last year. They take very little holiday, averagingjust11daysayear,andoftenworkatweek-ends too. Their average annual expenditure is equivalent to1.3%oftheiraveragetotalwealth.Theirmainareas of spending are travel, luxury products for daily use, and theirchildrenseducation. Yachtsarepopularplaythings forthesuperrich:theproportionwhogoyachtinghas risenfrom30%in2013to40%thisyear.40%ofthe super rich would also like to have a private jet for busi-nesstravelandalmosthalfofthesewouldbewilling to achieve this either by buying a timeshare card, or through joint ownership. Private business ownersThe vast majority of Chinas super rich around 80%areownersofprivateenterprises. Theseen-terprises account for 60% of their assets, with cash andsharesmakingupafurther15%.Onaverage, theirpersonalresidentialpropertyisworth12mil-lionRMB,andtheyalsoowninvestmentproperty valued at 8 million RMB, as well as four cars worth a total of 5 million RMB. Real Estate Investors15%ofthesuperrich,ormorethan10,000 people,arerealestateinvestors.Investmentprop-ertyaccountsforapproximately60%oftheirtotal assets, while they typically have another 15 million RMB in cash and shares. Their personal residential propertyisworthanaverageof22millionRMB, and they also own cars valued at 3 million RMB. Professional Stock Market InvestorsProfessional stock market investors are a minority among Chinas super rich, accounting for just 5% of thetotal. Theyinvestthevastmajorityoftheiras-setsaround73%instocks. Theyalsoownper-sonalresidentialpropertyworth25millionRMB, and cars valued at 2 million RMB.11300100009100780051002500240019501830160013501250115011409608808608608307507106405004303402701801109065555.6%4.2%7.1%1.3%4.1%4.2%9.1%5.4%-8.5%14.3%3.8%-3.8%-4.2%3.6%4.3%3.5%2.4%2.4%2.5%-6.3%-5.3%6.7%-2.0%4.9%13.3%3.8%5.9%10.0%12.5%8.3%10.0%16.9%14.9%13.6%11.6%7.6%3.7%3.6%2.9%2.7%2.4%2.0%1.9%1.7%1.7%1.4%1.3%1.3%1.3%1.2%1.1%1.1%1.0%0.7%0.6%0.5%0.4%0.3%0.2%0.1%0.1%0.1%12651 11106 9993 8662 5528 2644 2580 2097 1920 1734 1428 1301 1197 1206 999 931 910 895 900 780 739 677 520 447 354 281 189 114 94 68 57 VC-EN.indd 23 2014/5/28 17:08:0724About Hurun ReportNobody Knows Chinas Rich BetterEstablished in 1999 by Rupert Hoogewerf thegodfatherof the China Rich List Hu-run Report is today widely recognized as the foremost authority in tracking the rapid changes amongst Chinas high net worth individuals. Hurun Report Inc. operates a stable of four luxury magazines, as well as the Hurun Research Institute and an active business events division, which targets China's entrepreneurs and high net worth individuals.TheflagshipHurunReportmagazineispublishedmonthly, and reaches the households of 116,453 proven wealthy Chinese individualsandtheiradvisers.HurunReportisbestknownfor itsannualHurunChinaRichList,widelyconsideredtobethe bibleofwealthinChina,andade-factoWhos WhoofChi-nas business elite.Educating their only child in one of the world's top schools is of the upmost importance to Chinese millionaires, and can often be the frst step towards far greater outward investment. Hurun Report, therefore, publishes a hugely popular Schools Guide se-ries, offering advice on and insights into the education systems ofthemostpopulardestinationcountries.Individualreports arepublishedannually,coveringeachoftheUK,US,Canada, Switzerland,Singapore, AustraliaandNewZealand,witha print-run of 40,000 for the UK and US editions, and 25,000 for the remaining countries.ChinaHorseandPolo,meanwhile,isdesignedtobea glamorouscompanionforwealthyChinesepeoplewhohavea passion for horses. It provides in-depth coverage on a range of horse-relatedissues,withinformationonsuchtopicsaspolo, dressage, horse racing, bloodstock and dogs. HurunReportInc.alsopublishesWings&Watermagazine, anotherpublicationaimedatChinassuper-luxurymarket.It catersforthecountrysso-called'lionkings',thoseindividu-alswhobothleadindustryandshapeopinions.Itaddresses the needs of entrepreneurs who are looking to purchase a jet or yacht,andoffersguidanceonhowtomaintainthesebigand costlymachines.Publishedtwiceayear,in AprilandNovem-ber, it has a print run of 25,000.With a clear vision for the post-4G era, Hurun Report has also developed a diverse new-media platform, which offers its high-endclientelefasterandmoreconvenientservices.Itsonline magazineoffersthelatestinformationaboutHurunReports lists, events, and research. Its iPad magazine, meanwhile, offers a fresh, interactive take on the print version of the Hurun Report magazine. Its app is recommended in the Business and invest-ment magazine category of Apple s App store, its strong brand recognitionandinfluenceemphasizedbythelargenumberof downloads.Hurun Report also holds 50 to 60 high-end events every year, enabling its corporate sponsors to infuence opinion leaders di-rectly through sophisticated experience marketing.Hurun ReportHurun Schools Guide Hurun Report has a diverse new-media platformVC-EN.indd 24 2014/5/28 17:08:12