Zhang Xin and Pan Shiyi, the real estate tycoon couple, have said on many occasions that religion changed their lives.

They converted to the Baha'i faith in 2005, a religion that originated in Iran 150 years ago, has over 5 million followers around the world and claims to be one the fastest growing religions in the world.

"Baha'i has transformed me," Zhang, CEO of SOHO China, told the Wall Street Journal. Zhang, with a net worth of over $2.7 billion according to forbes.com, says that she and her husband are now focusing less on material success and more on family, charity and spiritual well-being.

Zhang and Pan are not the only entrepreneurs who found religion after they found wealth. About half of the high net worth individuals (HNWI) admit to religious beliefs, according to the Chinese Luxury Consumer White Paper 2011, jointly released by Hurun Report and the Industrial Bank in late March.

The report is based on surveys of 878 individuals with assets over 6 million yuan ($952,200), living in 29 cities.

The white paper shows about 30 percent of respondents believe in Buddhism, 5 percent are Protestants, 3 percent Muslim, 2 percent Catholic and 10 percent believe in other faiths.

More wealthy believers

The numbers seem to indicate a higher percentage of the wealthy people believe in a religion than do the general population.

Experts say motivations seem to vary from the need to pursue a spiritual quest, to superstitious practices that are believed to ensure continued prosperity, to seeking atonement for wrongs they may have committed on their climb up the ladder of success.

It's the first time that statistics have been made public on the religious beliefs of wealthy Chinese.

"It's a question often asked when traveling internationally, do Chinese entrepreneurs have religious beliefs and if so, what are they," said Rupert Hoogewerf, founder of Hurun Report.

Many scholars who specialize in religion studies are not surprised by the high percentage of the religious among the super-rich.

"Our analysis shows that people in the private sector are more likely than government employees to identify themselves at religious," said Yang Fenggang, a sociology professor who heads a center on religion and Chinese society at Purdue University in the US.

The white paper didn't reveal whether the entrepreneurs were raised in a religious family or found religion after they struck it rich.

Some areas in China, such as Zhejiang and Fujian provinces, are known for their deep roots in Christianity and Buddhism. For entrepreneurs from those regions, religion is part of their life and their business practices.

 

The report notes that 11 percent of the HNWIs under the age of 30 believe in Christianity, a much higher percentage than those over 30 years old.

 

"This indicates that belief in Christianity is growing," said Hoogewerf.

 

Official statistics put the number of religious people in China at over 100 million, but academic research often indicates the percentage is likely higher.

 

Sociologist Yang's research, using the Chinese Spiritual Life Survey conducted by the Horizon Research and Consultancy Group in 2007, showed more than 18 percent of respondents self-identified with Buddhism and 3.2 percent declared themselves to be Christian.

 

A recent Pew Report of Global Christianity estimated that 5 percent of Chinese mainlanders are Christian.

 

Yang said that some people may be reluctant to identify themselves as religious for political or social reasons, and so the actual number may be higher.

 

Most believe in Buddhism

 

Yang said that while 85 percent of Chinese adults admit to engaging in some kind of religious or superstitious activity, they don't consider themselves overtly religious.

 

The 30 percent of wealthy people who are Buddhists "implies that after they make their fortunes, they are more inclined to seek peace of mind and spiritual riches," reads the Hurun and Industrial Bank white paper.

 

The stress that wealthy people suffer from on the climb to the top may be another reason they seek spiritual peace of mind after they attain their goals. A Grant Thornton International Business Report released in February showed that 60 percent of business leaders in Chinese mainland reported excessive levels of stress, the second highest in the world.

 

Religion "offers support and fulfillment of their spiritual needs," said Li Xiangping, a professor of philosophy at East China Normal University.

 

"Sometimes the first bucket of gold carries a certain level of guilt, and some businesspeople turn to religion for penitence and redemption," said Li.

 

Yang agrees that in China some businesspeople pray to God or Buddha to ease the burden of guilt caused by their corrupt business dealings in the past.

 

Seeking spiritual intervention

 

Yang's team has interviewed more than 300 religious businesspeople in China. "Many of them seek supernatural intervention to support their business and daily life," Yang told the Global Times via e-mail.

 

Yang and many scholars say that after the wealthy no longer need to worry about their material well-being, they often turn to philosophical questions about the meaning of life and to find ways to be motivated.

 

Being religious can also enhance reputations and provide the wealthy with a certain status. "Being a member of a church or a temple could show one's trustworthiness, and lead to beneficial and reciprocal relations," said Yang.

 

SOHO China CEO Zhang told Wall Street Journal that she converted to Baha'i after a family crisis and was questioning the meaning of her success.

 

Harry Ma, who owns a culture communications company in Beijing, organizes communions for entrepreneurs, executives and business professionals.

 

Ma says that many people who participate in the activities are not born religious, but choose religion later in life. "They may be at a point in life when their career or marriage runs into difficulties and they need answers," said Ma, who converted to Protestantism more than 10 years ago.

 

Most are converts

 

"I have worked at various companies for a long time and been through a lot, I was disappointed in people and myself and needed to find strength," said Ma. "I found religion, and it gave me salvation and strength."

 

There are many high-profile entrepreneurs who openly support certain religious philosophies, even though they hesitate to label themselves as deeply religious.

 

Chen Guangbiao, president of Jiangsu Huangpu Recycling Resources Company and a famed philanthropist, is often mistaken for a Buddhist or a Christian because he talks a lot about religious teachings and karma. "I burn incense and worship Buddha regularly; I believe in karma, but I'm not a Buddhist," Chen told the Global Times.

 

"I believe you should have a kind heart and do nothing to harm others, and that's true for a company as well," he said.

 

Many Chinese entrepreneurs may visit temples or pray to deities but that doesn't mean they are deeply religious. Chen said he knows many hypocritical entrepreneurs who say they are Buddhists, but still do unseemly deeds.

 

"They wear prayer beads, build elaborate shrines at home and burn incense, but what they do is completely against the teachings," said Chen. "For example their factories pollute the environment; they indulge in carnal pleasures, gamble and have mistresses."

 

Like many Chinese, Chen believes in the ancient rites of feng shui which calls upon the ethereal power of wind and water to determine building design and how furniture is arranged in a home. Chen refused to call it superstition.

 

Inspiring corporate governance

 

"I think in a way, you seek protection and blessing from religion, which should guide the motivation of your company," said Chen.

 

Professor Li doesn't believe there is any harm in seeking salvation or calling on the gods for guidance and protection. "There's nothing wrong with choosing a religion because you seek safety and health and do good business," he said, adding that instilling elements of religion in a corporate culture may not be a bad thing.

 

Ma says participants in his communions often discuss how to use the Bible in their business management to emphasize integrity. In Wenzhou, Zhejiang Province, many entrepreneurs come from Christian backgrounds and actively promote its teachings in their companies.

 

After converting to Baha'i, Zhang has been promoting morality, tolerance, charity and education in her company.

 

Many people believe that religious teachings emphasize honesty and integrity, which can promote a positive corporate culture and charitable deeds. Buddhist followers also believe that good deeds and kindness bring good karma.

 

Cao Dewang, president of Fujian-based Fuyao Group, comes from a Buddhist family and is a well-known philanthropist who has reportedly spent tens of millions of yuan renovating temples in his hometown.

 

"I think the expansion of religion among businesspeople could be a good thing for the company and the market economy," said Li.

 

A market economy framed by religious beliefs should have an innate sense of integrity and constraint. "For instance religious teachings will prevent them from making money at the expense of the public interest or harming people," said Li. "Such ethical restraints, combined with laws, can be a force for good in our society."