China to have over 4 mil. wealthy households by 2015: report

BEIJING, April 3 Kyodo -
China will have more than 4 million wealthy households in six years, trailing
only the United States, Japan and Britain, according to a report released by a
U.S. management consultancy.
The number of wealthy households, defined as urban households with an annual
income of more than 250,000 yuan (about $36,600), reached 1.6 million in 2008,
said the report by McKinsey & Co.
Although these wealthy Chinese represent less than 1 percent of urban
households in the country, it said their numbers are projected to grow at an
annual rate of 16 percent over the next five to seven years despite the global
recession.
Showing just how rapidly the face of wealthy Chinese consumers is changing, the
report said that half of those considered wealthy now did not fall into the
category as recently as four years ago.
The findings were based on research carried out by the consultancy in the last
quarter of 2008 that included face-to-face interviews conducted with 1,750
wealthy Chinese consumers.
Another finding highlighted in the report is that the age of wealthy Chinese
consumers is on average 20 years younger that those in the United States or
Japan.
The study concluded that international companies should cash in on the
potential of this growing segment now despite the global economic situation and
build early relationships with China's future wealthy consumers.
==Kyodo