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Report: As Chinese millionaires rise, happiness falls

By Priyanka Boghani, CNN
updated 11:45 PM EST, Wed January 16, 2013
China's richest feeling less happy, according to a new report.
China's richest feeling less happy, according to a new report.
STORY HIGHLIGHTS
  • New China "Millionaires Happiness Report" shows dissatisfaction with health, life
  • Hurun: "In general, the report shows that the richer you are, the less happy you are"

Hong Kong (CNN) -- It's not easy being rich. At least that's what new findings suggest from "The Millionaires Happiness Report" released by the Shanghai-based Hurun Research Institute.

"In general, the report shows that the richer you are, the less happy you are," the report authors said.

According to the inaugural report which surveyed 551 Mainland Chinese with a net worth of over 10 million yuan ($1.6 million), the average millionaire in China sleeps only 6.6 hours during the working week.

Chinese millionaires are dissatisfied with their health and are looking to prioritize spending more time with their family, the report said. The "self-made" female super-rich, who were 37 years old on average, are more likely to be unmarried with 35% of the respondents being either divorced or having remained single. The figure is almost twice that of the men surveyed.

The average age of all Chinese millionaires surveyed was 38 years old, rising to 40 among the "super-rich" -- those with net wealth of $16 million.

The lack of satisfaction for China's nouveau riche appears to be growing. Hurun Report, a magazine best known for its ranking of the wealthiest individuals in China, surveyed 1,000 super-rich Chinese in 2011 found that 55% of the respondents either in the process of leaving China or seriously considering it.

"What we are seeing is a sense of insecurity or, perhaps you want to look at it from another side, looking for a sense of insurance policy," said Rupert Hoogewerf, publisher of Hurun Report, told CNN in November. "So they are beginning to quite actively try and get a green card in the U.S., Canada, Australia and Singapore."

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