On July 15th, Hongye Family Education, in collaboration with TSAF , released the 2021 WHITE PAPER ON FAMILY EDUCATION OF CHINA'S ULTRA-HIGH WET WORTH INDIVIDUALS. The 44-page "2021 WHITE PAPER ON FAMILY EDUCATION OF CHINA'S ULTRA-HIGH WET WORTH INDIVIDUALS" is the first white paper in the international education industry to focus on the changing needs of Chinese HNW families in terms of their perception of family education and family inheritance, exploring how parents can make good education decisions and allocate resources at different stages, and combining big data and real-life cases to sort out recommendations for the next generation.
Hongye Family Education conducted a quantitative study in the form of one-on-one questionnaire research stars and also screened 60 family representatives for one-on-one in-depth qualitative interviews between August 2021 and October 2021 among more than 400 HNW families in Greater China with investable assets of RMB 15 million or more. The interviewed representatives mainly included four major categories: entrepreneurial generation heads, family matriarchs, family successors, and large corporate executives/family business managers. More than 50% of the respondents have investable household assets of $50 million or more, with an average age of 43. 45% are from the Guangdong, Hong Kong, Macau and Greater Bay Area, 24% from the Yangtze River Delta, Jiangsu, Zhejiang and Shanghai regions, 10% from Beijing, Tianjin and Hebei regions, and 21% from second and third tier cities/regions.
Under the influence of the global epidemic, international education in China also continues to undergo groundbreaking changes, as the diversified needs of Chinese high net worth families for their children's education intensifies. With the increasing number of Sino-foreign cooperative school programs, the choice of domestic international schools has become a new trend. The 2021 China HNW Family Education White Paper shows that since 2020, the epidemic has prevented some international students from studying abroad, and the number of international students in the U.S. has plummeted by nearly 50%. The number of international students in the U.S. has plummeted by nearly 50%, with many students choosing to "defer" or take online classes in China.
According to the study "2021 China High Net Worth Family Education White Paper", there is more room for high net worth families to spend more on education, with 44% of them investing more than $400,000 in education each year. The core needs of education for HNW families: 62% are services to explore and cultivate interests and strengths, 49% are services to develop psychological/personality habits, and 36% are education resource screening and matching. The concept of education for children of HNWIs is becoming more and more advanced, and they hope to focus on cultivating very even areas. The development of quality education has become a social consensus, and the proportion of art, music and sports is expected to rise in the future. Among the soft strengths that HNW families value, communication and emotional management account for 75%, they value efficiency and time management at 72%, and they value leadership and cooperation at 64%. HNW families tend to value their children to be independent, forward-thinking, down-to-earth, humble, upright, rich at heart, resilient, with a sense of responsibility to give back to society, and courageous in exploring and pursuing areas of their interest and expertise.
The 2021 China HNWI Family Education White Paper also provides a series of best practices for HNWI families of different ages in planning and inheriting their children's education. Some of these families choose to start professional planning from the elementary school stage, including the "10 Million Plan", which uses a full set of professional teams and resources to plan ahead for their children's growth and education.
Hongye Family Education believes that family inheritance and education is a systematic project that requires long-term planning and comprehensiveness, to cultivate one's own pattern, to recognize one's own ideals, to make long-term planning for the future with a goal-oriented approach, and to be persistent. This "2021 China HNWI Family Education White Paper" is dedicated to providing a complete perspective consisting of HNWI families, related service providers and education experts, etc., providing a representative and diverse voice on the current situation, needs and solutions of HNWI family education. Hongye Family Education will learn together with more HNW families to keep up with the times and raise the new generation with better and more professional education services.