China’s Millionaire Ranks Rise By 3.8 Percent

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Beijing still holds the crown for China’s most HNWIs. (Shutterstock)

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:

Hurun

 

 

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