|05-30-2015, 01:34 AM||#1|
China has more than 1 million millionaires
China is now home to more than one million millionaires, thanks to soaring private wealth in the world's second-largest economy, according to a report by Bain and Co. The biggest concentration -- at least 100,000 -- is to be found in Guangdong province, just over the border from Hong Kong.
Bain said the number of high net worth individuals -- those with more than 10 million yuan ($1.6 million) in investable assets -- has doubled since 2010.
Total personal wealth surpassed the 100 trillion yuan ($16 trillion) mark last year, and is expected to hit 129 trillion ($21 trillion) this year.
Fast growing innovative industries are creating a new class of "newly rich" Chinese younger than 50, according to the Bain report.
Wealth creation in China is now moving at an incredible pace, following decades of rapid economic growth. China created a new billionaire every week in the first quarter this year, according to UBS (UBS) and PricewaterhouseCoopers.
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