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Hundreds of super rich in Fujian
Updated: 2015-04-03

Fujian has 639 people with a net worth of at least 500 million yuan ($80 million), the sixth highest number in the country, according to a Hurun Report on Thursday.

The Shanghai-based research firm said that 17,000 people have reached the 500-million-yuan threshold in China. 84 percent of them are males, with an average age of 51. They have an accrued net worth of 3.1 trillion yuan, an average of1.8 billion yuan each.

Beijing, Guangdong province, Shanghai and Zhejiang province are the areas with the most rich people, accounting for 57 percent of the total. Jiangsu province, with 1,287 also outnumbers Fujian in this category.

Most rich people are entrepreneurs, and more than 60 percent of them have seen their corporations listed. Manufacturing and real estate are the two sectors that produce the most tycoons, the report showed.

As high as they are in the economic pyramid, 70 percent of them still need financing for expansion (65 percent), mergers and acquisitions (27 percent) and capital turnover (8 percent). 77 percent of them primarily choose banks for financing.

When it comes to investment, more than 60 percent are inclined to make investments in the name of their enterprises, while about one quarter use personal names. Eighty-three percent of them invest through their own teams, and only 15 percent rely on third-part agencies.

It is also notable that half of them have made overseas investments for business internationalization (49 percent) and asset allocation (46 percent), with the two biggest challenges being risk assessment (49 percent) and local laws and tax policies (47 percent).