China's wealth inheritors: Entrepreneurial, educated, less materialistic

A young woman reads at a book store in Qingdao, Shandong province, Oct 3, 2017. [Photo/VCG]

China Europe International Business School (CEIBS) released a white paper to describe China's second-generation inheritors of family business on Saturday.

Based on 521 questionnaires collected by the white paper, 44 percent of these inheritors are working for family firms, and expect to take over the family business; only 8 percent of them said they do not want to carry on their parents' business.

Most of the inheritors have entrepreneurial zeal and are excited by the policies to encourage startups, and decided to show their abilities on enterprises operation and management, the white paper said.

Compared to other people's difficulties in seeking funds at the beginning of startup, 62 percent of these inheritors received angel investments from the families firms.

Among all of respondents, 22 percent of them did not receive funds from the families firms; 16 percent of them said they have no plan to start their own business.

The inheritors have positive attitude to capital market. According to the white paper, half of these inheritors think their families firms should list on stock markets, and 9 percent of them do not support the idea.

Over 80 percent of the inheritors have good education background, with 49 percent having bachelor's degree, 35 percent having master's degree, and 2 percent having doctorate. Among of them, 51 percent inheritors studied abroad.

UK, US and Canada are the top three countries where they want to study. 55 percent studied management and economics.

Although most of the inheritors are well educated, they stopped reading much after graduation. Over 80 percent of the inheritors read less than two books per month, the white paper said, and nearly half of them read less than a book in a month.

Spending on meeting with friends and travelling account for 55 percent of the inheritors' daily consumption. The white paper said the inheritors are cutting demands on material consumption. Less than one-third of their spending is on cars, clothes and electronic products.

Moreover, the white paper also showed their family relationship, and their marital status.

Among the inheritors, 88 percent were born in 1980s and 1990s, 36 percent of them are single, and they are cautious on marriage. Their parents also have strict rules for their children's marriage.

In addition, the male inheritors account for 65 percent, and female inheritors and females for the rest.