China: A million millionaires?
China has a mind-boggling 960,000 millionaires, said an annual wealth report published in The China Daily. The figure was a jump from 825,000 millionaires two years back.business Updated: Apr 13, 2011 23:08 IST
China has a mind-boggling 960,000 millionaires, said an annual wealth report published in The China Daily. The figure was a jump from 825,000 millionaires two years back.
The 960,000 millionaires have a personal wealth of 10 million yuan ($1.5 million) or more. Of them, 60,000 are considered super rich with 100 million yuan or more inwealth, up 9% from last year.
China has a population of 1.3 billion.
Rising property prices and a rapidly-growing GDP (gross domestic product) have led to a rise in number of Chinese millionaires, the GroupM Knowledge-Hurun Wealth Report 2011 said.
As many as 55% of Chinese millionaires got their wealth from privatebusinesses while 20% were property speculators. About 15% are stock experts and 10% are high-earning executives, the report said.
In 2009, there were 825,000 millionaires while last year the number went up to 875,000. Housing prices went up by 13.7% in 2010 and luxury property prices rose even faster.
“The overall confidence of China’s millionaires in the property sector and China’s overall economy remains very high,” Rupert Hoogewerf, chairman and chief researcher of Hurun report.
The report said that the average age of the Chinese millionaires was 39 years, a good 15 years younger than those in Western countries. Around 30% of the millionaires are women.