Archive for ‘millionaires’

30/09/2019

Next stop: Croatia. Chinese travellers skip Hong Kong for niche destinations over National Day break

  • Train trips, Xinjiang and chartered flights among the growing holiday trends, travel agents say
Destinations such as Dubrovnik, Croatia, are becoming more popular among mainland Chinese tourists, according to one of China’ s biggest travel services. Photo: AFP
Destinations such as Dubrovnik, Croatia, are becoming more popular among mainland Chinese tourists, according to one of China’ s biggest travel services. Photo: AFP

Chartered flights and niche destinations such as Croatia and Malta are growing in popularity as Hong Kong falls out of favour for mainland Chinese holidaymakers over the National Day “golden week” break.

Japan has overtaken Thailand as the most searched overseas destination on the website of travel agency Ctrip, followed by Malaysia, the United States, Singapore, Australia, Macau, France, Italy and Russia.

Within the mainland places such as Beijing and Shanghai continued to be among the most popular searches but Urumqi, capital of Xinjiang Uygur autonomous region, is a fast-growing term, especially among people in Shanghai and Guangzhou.

“It could be that tourists want to see autumn leaves,” a Ctrip spokesman told the South China Morning Post.

October 1 marks the start of a week-long break on the mainland when millions of Chinese take the chance to travel. This year, an estimated 800 million people are expected to go on trips in China or overseas, about 10 per cent more than last year.
The country’s motorways are expected to be jammed from about 2pm on Monday, reaching a peak at around midnight, and again from 10am Tuesday, according to web mapping service Tencent Map.
China’s highways can expect heavy traffic as travellers head out for the holiday. Photo: Reuters
China’s highways can expect heavy traffic as travellers head out for the holiday. Photo: Reuters

Ctrip said people heading overseas were increasingly seeking out new destinations, with bookings to places such as the Czech Republic, Austria, Croatia, Malta and Cambodia growing by 45 per cent this year.

“As Chinese people travel outside the country more and their experience of travel grows, many are more willing to go to smaller eastern European countries, such as the Czech Republic,” the spokesman said.

“Popular movies also have a strong influence. Many young people are willing to travel to see where films are shot, such as Croatia, one of the locations for Game of Thrones.”

Other noticeable trends this year include more people travelling with pets, by train and on chartered flights. The site said it sold 60 per cent more European train tickets and 10 times the number of train tickets for Japan for this golden week compared to last year.

The most popular routes in Asia were Tokyo to Kyoto in Japan, and Seoul to Busan in South Korea.

Hong Kong protests leave ‘golden week’ tourist boom in tatters as visitor arrivals during Chinese holiday period are set to be slashed by a third

Thousands of users also chose chartered flights, a service Ctrip introduced in September.

Ji Yu, head of chartered flights for Ctrip said most people thought chartered flights or helicopters were something only millionaires could afford, but in the internet age, they had become cheaper and more accessible.

“In the internet era, consumer needs vary from person to person, especially in terms of travel. There are products on the market to satisfy each customer’s personal needs.”

Among the more popular chartered routes were from Beijing or Shanghai to Tokyo, Bangkok, the Maldives and London.

More people are also going away for longer. Digital travel services giant Qunar said that 80 per cent of the travellers booking flights or hotels through its services were heading off for more than five days. And of those 41 per cent were travelling for more than a week.

Meanwhile, trips to Hong Kong have fallen substantially, with just 15 group tours expected to enter the city each day, down from 110 last year, according to the Travel Industry Council of Hong Kong.

Efforts to promote Hong Kong attractions have also increased in Shenzhen in recent weeks, with advertising videos scenic spots, popular restaurants and malls in Hong Kong playing on cross-border buses. Passengers can also get discounts to some stores and services with their tickets.

Source: SCMP

17/09/2015

How Modi’s Win Helped Boost India’s Ranks of Millionaires – India Real Time – WSJ

The ranks of the millionaires grew at a faster rate in India than anywhere else around the globe in 2014 thanks to the election of Prime Minister Narendra Modi and falling oil prices, according to a report on worldwide wealth.

After only marginal growth in 2013, India’s tally of high-net-worth individuals increased by 26.3% in 2014 compared with the previous year and with 17.5% in China and 8.2% in the U.S. over the same period, the data from consultants Capgemini and RBC Wealth Management, said.

High-net-worth individuals are defined as those with investible assets of more than $1 million.

The report says that the election of “a popular reform-minded prime minister” in May 2014 “had a positive effect on the economy and equity markets, boosting [high-net-worth-individual] gains.” More In Narendra-Modi

Mr. Modi’s win “helped to boost investor confidence and contributed to strong performance in the stock market,” the report’s authors said.

“Lower oil prices helped reduce the country’s budget deficit and retail inflation fell considerably,” they added. Still, in absolute numbers of very wealthy, India continues to lag behind. It had 1,975,000 people with $1 million to invest in 2014, compared with 4,682,000 in the U.S. and Canada and 8,901,000 in China.

The Asia Pacific region as a whole though, including India and China, had a higher number of millionaires than North America in 2014.

Source: How Modi’s Win Helped Boost India’s Ranks of Millionaires – India Real Time – WSJ

11/03/2015

India’s Millionaires Have Been Leaving the Country in Droves – India Real Time – WSJ

India may have been minting millionaires at an unprecedented rate over the past decade, but it has also seen many of its seven-figured-citizens escape to other countries.

The latest Knight Frank’s annual Wealth Report–which looks at the spending habits of the rich, the superrich and the “I have my own Boeing but forgot where I parked it,” rich—estimates that more than 43,000 Indian millionaires left the country to settle elsewhere in the past 10 years. That is second only to China, which saw a private-plane drain of more than 76,000 people, according to estimates from property company Knight Frank and immigration consultancy Fragomen.

While Indians tended to take their railway cars full of rupees to other English-speaking countries, government restrictions have slowed the flow of Indian millionaire money in recent years, said Liam Bailey, global head of research at Knight Frank

“High net-worth Indians are a big part of the prime market in places like London and that has been slightly undermined in the last two years by the tightening of capital controls (in India) making it much more difficult to export capital,” he said.

China lost the most rich migrants as 76,200 of its millionaires left to settle in places like Hong Kong, Singapore, the U.S. and Australia. After the two billion-person emerging markets, the biggest losers in terms of millionaire migrants were France, Italy, Russia, Switzerland and Indonesia. You wouldn’t think the rich and famous would be so anxious to leave Europe but apparently high taxes on the high earners encouraged many to leave.

In terms of the countries that attracted the most millionaire migrants, the United Kingdom was the leader by a huge margin. Around 114,000 rich folks from elsewhere settled in the quaint island nation during the 10 years through 2014. It was followed by Singapore, which attracted more than 45,000 new, rich citizens, the U.S., which welcomed 42,000 elite expats and Australia, which became home to 22,000 rich newcomers. Finishing up the list of the seven most-popular countries for millionaires to escape to, were Hong Kong, Canada and United Arab Emirates.

Despite the exodus, many of the people Knight Frank has dubbed “ultra-high-net-worth individuals” remained in India.

Last year, Mumbai was home to the most, with 619 UHNWIs, who Knight Frank describes as people worth at least $30 million. Delhi was a distant second with only 157 as wealthy, followed by Bangalore with 75, Chennai with 49, Hyderabad with 39 and Ahmedabad with 20. Kolkata was not mentioned in the report.

via India’s Millionaires Have Been Leaving the Country in Droves – India Real Time – WSJ.

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