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28 February 2024

Year of Goat: Wealthy will become wealthier by Dh294 billion this year

Goat is the eighth zodiac sign in the 12-symbol Chinese horoscope. (Reuters)

By Staff

With the Chinese Year of the Goat set to begin on 19 February 2015, Wealth-X presents predicts wealth of ultra-high net worth (UHNW) population will grow at a faster rate, growing by $80 billion during the year

The research firm has put together eight predictions for the UHNW population in China for the coming year:

# Social mobility will drive an increase in China’s UHNW population in the lowest wealth tiers;

# UHNW wealth is expected to grow at a faster rate than the Chinese UHNW population, with an additional $80 billion (Dh294 billion) of wealth being created during the year;

# Flows of UHNW wealth outside of China will increase, with 5 per cent more of UHNW assets held in foreign businesses;

#  Tier 1 cities will increase in relevance with 60% of China’s UHNW population calling the four cities of Beijing, Shanghai, Shenzhen and Guangzhou home by the end of the year;

#  Public wealth is expected to grow faster than private wealth in China with an additional $45 billion held in public companies;

# Luxury spending in China will decrease by 4 per cent  due to the government’s anti-corruption crackdown;

# Chinese philanthropy will increase this year, with a 24 per cent rise in the number of private foundations established;

# The number of UHNW expatriates in China will increase by 40 per cent over the course of the year.

The Goat is the eighth zodiac sign in the 12-symbol Chinese horoscope. Wealth-X data shows that 8.4 per cent of the world's UHNW population was born in the year of the Goat - making it the fourth most common Chinese Zodiac sign for UHNW individuals. Goat UHNW individuals have the lowest proportion of fully self-made UHNW individuals and these individuals are 10 per cent wealthier than the global average for UHNW individuals.

Although only six percent of all Goat UHNW individuals are involved in the technology sector, the most prominent Goat UHNW individual is technopreneur Bill Gates, the world's richest man, who was born in 1955, another year of the Goat.