Wealthy Chinese Families Spend 57 Million KRW Annually on Children's Primary and Secondary Education

[Asia Economy Reporter Kim Hyunjung] China's wealthy class reportedly spends nearly 57 million KRW annually on their children's primary and secondary education.

According to a report jointly released on the 23rd by China's Hurun Research Institute and Binstock Education Research Institute, the annual education expenditure for primary and secondary children of China's wealthy is estimated at about $46,900 (approximately 56.82 million KRW). University and graduate education costs were around $62,500 and $65,600 per year, respectively.

This survey targeted 600 Chinese individuals with household assets exceeding 10 million yuan (about 1.8991 billion KRW) who have study abroad experience or plan to send their children overseas for education. About 60% of respondents spent within their budget, while approximately 30% exceeded their budget.

Among respondents with study abroad experience, 60% expressed satisfaction with their experience, with over 30% rating it as 'very satisfied.'

The main reasons high-income parents choose international education for their children (multiple responses allowed) were exposure to new ideas (69%), enriched life experience (64%), career advantage (51%), and foreign language skills (51%), in that order.

Parents hoped their children would develop independence (71%), responsibility (67%), and problem-solving skills (53%) through international education. Conversely, 'becoming a global citizen' was the least selected, revealing the strong confidence of China's high-net-worth individuals in China and its education system.

Chief Researcher Zhu Jiaohui of the National Institute of Education Sciences stated, "Parents desire their children to have independent and open thinking that their own generation did not possess," adding, "The hope that children return to China is rooted in traditional social values."

According to the report, as of 2020, there were 907 accredited international schools in mainland China, including 535 private international schools and 259 international departments (classes) in public schools. In the same year, the number of international school students reached 610,000. Private international schools and public schools accounted for 75% and 9%, respectively.

This content was produced with the assistance of AI translation services.