Although China’s economic growth is slowing, the Hurun Report’s latest research finds that the country’s number of wealthy individuals is still increasing with a higher growth rate than last year.
The “Hurun Wealth Report 2014” released today states that the country has 1,090,000 millionaires and 67,000 super-rich, or those with a net worth over RMB100 million (US$16 million). This amounts to year-on-year growth rates of 3.8 percent and 3.7 percent respectively, marking a rise after the rate reached a five-year low last year.
Beijing retains its perch as the Chinese city with the most high-net-worth individuals (HNWIs) with a total of 192,000, followed by Guangdong with 180,000 and Shanghai with 159,000. Meanwhile, Tianjin is the city with the fastest-growing number of millionaires.
China’s millionaires are made up mostly of private business owners, professional stock market investors, real estate investors, and high-salaried executives, according to the report, while the super-rich are typically private business owners, real estate investors, and professional stock market investors.
According to Hurun, the growth is going to continue for the foreseeable future: it predicts that in three years, China will have 1,210,000 millionaires and 73,000 super-rich.
Look below for Hurun’s chart of the Chinese cities with the most millionaires: