Money is time for rich young retirees

There used to be a catchword at the beginning of China's opening-up: Time is money.

Three decades later, it also makes sense if you read the expression in reverse: Money is time.

A report released by the Shanghai-based Hurun Research Institute on Monday suggested that assets valued above 110 million yuan ($16.52 million) will secure a young and happy retirement in China.

There are 55,000 people in the country who meet such a requirement, the report found.

The report suggested these rich Chinese entrepreneurs should consider retiring after the age of 45.

"After developing his business to a value of more than 110 million yuan, an entrepreneur has every reason to step away from the daily grind and appoint a manager to maintain daily operations," said Qi Xiaozhai, director of Shanghai Commercial Economic Research Center.

And a growing number of Chinese entrepreneurs have realized the importance of enjoying life, said Rupert Hoogewerf, founder and publisher of the Hurun Report.

Chen Jiahai, a researcher in economics at Shanghai Academy of Social Sciences, believed that one reason is the sudden death of Wang Junyao, a former chairman and co-founder of Shanghai-based Juneyao Group, who died of cancer at 38.

"Wang's sudden death has taught all Chinese businessmen the lesson that health is more important than wealth," Chen said.

Qi said it was time for Chinese entrepreneurs, who are well known for their diligence and ability to handle pressure, to study Western management because their companies are growing larger and the old family-run management style is no longer suitable for the market-oriented business model.

The Hurun report said rich Chinese people who retire early choose travel as their favorite way to relax. They go overseas four times a year on average, and half of them enjoy golf. They have an average handicap of 24 so there is ample incentive to practice and play regularly.

Rich people who retire early often develop an interest in collecting ancient Chinese paintings and calligraphy, while others collect watches and jewelry.

Yet investment is still the most popular interest among this emerging group of Chinese entrepreneurs who retire early. More than 45 percent of them hold investment portfolios in real estate, the stock market, art and premium red wine, the report said.

But they are less concerned with social issues than their Western counterparts.

"Many Chinese entrepreneurs have become involved in charity, but more are still learning about this area. Contributing to the community is extremely important for maintaining a harmonious society," Qi said.