China has a million millionaires

The number of millionaires crossed a million for the first time in the Communist nation, putting it in the elite club of wealthy nations like US and Japan. The elite millionaires group includes 63,500 billionaires, according to the Hurun Report, which compiled the list.

The number of millionaires crossed a million for the first time in the Communist nation, putting it in the elite club of wealthy nations like US and Japan. The elite millionaires group includes 63,500 billionaires, according to the Hurun Report, which compiled the list.

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The number of Chinese worth more than 10 million yuan ($1.6 million) broke the million mark in 2011 for the first time; there are 1.02 million people in this group now. Of these million-plus wealthy individuals, 84% are in the east, north and south of China, with Beijing home to as many as 1.79 lakh elite.

Rising property prices and a fast-growing gross domestic product helped drive up the numbers, said the report, which said the growing numbers of millionaires is contributing to the growth of luxury products.

The Hurun Report, foun-ded by Rupert Hoogewerf, is a magazine best known for its “China Rich List,” a ranking of China’s richest.

“For most luxury brands, the Chinese luxury consumer is now Number One: either representing the biggest market share or the fastest-growing,” said Hoogewerf, chairman and chief researcher of the Hurun Report.

China has emerged as the world’s second largest economy, recording the fastest pace of development in recent times due to reforms.