live high on the hog/ eating high off the hog

China's millionaires live high on the hog

BY JUN WAKAMATSU STAFF WRITER

2011/01/17

For China's wealthy, taking three overseas vacations a year and keeping three cars in the garage is nothing to get excited about.

A survey by Hurun Research Institute found that many of the so-called "Qianwan Fuhao," a Chinese term referring to people with personal wealth in excess of 10 million yuan (around 126 million yen, or $1.52 million), had made their fortunes through real estate and stock market investments.

Their average age is 39, and average annual personal consumption is 1.9 million yuan (around 24 million yen), more than 60 times the average yearly income of workers in Chinese cities.

The Qianwan Fuhao own an average of 3.3 cars, and take 15 vacation days a year, which many said they spend going on vacations, playing golf and reading. They take vacations overseas an average of 2.9 times a year, enjoy wine and whisky, and 60 percent are non-smokers.

Their favorite overseas travel destination is France, followed by the United States and Australia, with Japan coming in fourth. Patek Philippe watches and Cartier jewelry are among their favorite brands.

They also tend to be bullish about the prospects for the Chinese economy over the next two years, with 54 percent responding that they are "extremely confident." Many are putting money into manufacturing ventures, while buying real estate remains popular.

The survey was carried out by Hurun, a privately owned Chinese firm, between April and November 2010. Interviews were conducted with 401 individuals with personal fortunes of 10 million yuan or more. Of the total, 45 had wealth in excess of 100 million yuan, and their average age was 43.

HIGH OFF THE HOG, EAT
Also, live high on the hog. Prosper, live luxuriously, as in When Aunt Ida dies and they inherit her estate, they'll be eating high off the hog, or Since their loan was approved, they've been living high on the hog. It alludes to the choicest cuts of meat, which are found on a pig's upper flanks. [Late 1800s]