UNDERSTANDING AND ENGAGING WITH CHINA'S ELITE
Fortune Character members are some of the wealthiest and most influential people in China. Membership is by invitation only and is subject to strict minimum wealth requirements. The entry point is a net worth of ¥RMB 10million (c. US$ 1.6million), rising to ¥RMB 100million (c. US$ 16million) for VVIP status. There are currently more than 182,000 members in total, including more than 60,000 VVIPs.
89% of members are business owners and entrepreneurs, with the remainder chiefly comprised of senior corporate executives and media celebrities. 70% are male and 30% female. The average age is 39. They are heavy consumers of luxury goods and invest in property, yachts, wine, jewellery, watches and cars. They typically own three cars and four watches. 67% are considering buying real estate overseas while 63% are considering purchasing a yacht.
Their buying power is phenomenal: in 2012 47% spent more than $80,000 on a single luxury purchase; 28% spent more than $163,000; 12% spent more than $326,000; 5% spent more than $815,000; 2% spent more than $1.6million (all on a single luxury purchase, not including real estate, remember!) 84% claim not to be motivated by cost - desire overrides price.