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Growth of Chinese multi-millionaires slows

By Lu Nengneng | August 14, 2013, Wednesday | Online Edition

The expansion clip of China’s mainland multi-millionaire club has dropped for the second consecutive year, along with its confidence in the country’s economic outlook, said a joint study by GroupM Knowledge, the think-tank unit of a media agency, and Hurun Research Institute released today.

By the end of last year, the number of those with 10 million yuan worth of wealth in yuan rose 3 percent from a year earlier to 1.05 million while the scale of the super-rich with a net worth of 100 million yuan (US$16 million) or more went up 2 percent to 64,500, both growing at their lowest pace in five years, the GroupM Knowledge-Hurun Wealth Report 2013 shows.

Though the top-three choices for their home are still Beijing, Guangdong Province, and Shanghai, the traditional economic hubs, about 60 percent of China’s wealthy population concentrates in the second- and third-tier cities like Hangzhou and Ningbo in Zhejiang Province where the number of people with 10 million yuan in assets exceed 20,000, said the report. The province, however, also took the brunt of wealth shrinkage along with Inner Mongolia Autonomous Region in the throes of their own economic transformation while Tianjin became the biggest riser with an 11 percent increase of rich residents.

Generally speaking, millionaires are less upbeat, the report noted, as only a quarter of them said they are very confident about China’s economy in the coming two years, which was down 3 percentage points from the previous year. On the other hand, the proportion of those feeling not confident rose to its three-year high of 9 percent from the 7 percent a year before.

 

 

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