12% increase in millionaires on mainland
Source: Xinhua |
October 14, 2011, Friday
|
Print Edition
Print Edition
THERE was a 12 percent increase in the number of dollar millionaires on the Chinese mainland last year, boosted by economic growth and equity market gains, according to a report released yesterday.
The combined wealth of the mainland's 535,000 high net worth individuals (HNWI) topped US$2.66 trillion, up 13.2 percent from 2009, the report by Capegemini and Merrill Lynch Global Wealth Management said.
The number of millionaires on the mainland makes the region the second-largest HNWI market in the Asia-Pacific region and the fourth-largest in the world after the United States, Japan and Germany.
China is continuing to see an expansion in its HNWI population and their wealth, fueled by strong macroeconomic growth and market performance, particularly in equities and real estate, said Pauline Ko, market manager for China at Merrill Lynch Global Wealth Management.
The mainland's HNWIs had 42 percent of their investments in stocks and 27 percent in real estate last year, the report said, much higher than the average investment level in such sectors on the mainland.
The report predicts that in the coming year the investment proportion of wealthy Chinese in the real estate sector will drop to 39 percent due to concerns over the government's tightening control over house prices, while their investment in stocks will decrease to 21 percent.
Strong economic growth
Wei Zhen, Asia strategist with Merrill Lynch (Asia Pacific) Ltd, said Chinese millionaires would gradually reduce their wealth allocation in the equity and property markets as the government will not loosen its grip on the real estate market anytime soon and global equity markets may become volatile.
Wei projected that China's economy would expand by 9.3 percent this year and 9 percent in 2012.
A Merrill Lynch Wealth Management official in charge of the Chinese mainland and Taiwan market said China's strong economic growth was the main reason for the rise of the number of rich Chinese.
There will be a large growth potential for wealth management institutions in the country because of the large scale of the market and its rapid growth, he said.
The report also said the number of millionaires in Hong Kong reached 101,300, up 33.3 percent from 2009, the fastest growth globally for the second consecutive year due to rising asset prices. Their total wealth reached US$511 billion last year, up 35 percent from 2009, the world's top growth rate.
The number of HNWIs in the Asia-Pacific region hit 3.3 million last year, replacing Europe for the first time as the world's second-largest HNWI market after North America.
HNWIs are individuals with investable assets of US$1 million or more.
The combined wealth of the mainland's 535,000 high net worth individuals (HNWI) topped US$2.66 trillion, up 13.2 percent from 2009, the report by Capegemini and Merrill Lynch Global Wealth Management said.
The number of millionaires on the mainland makes the region the second-largest HNWI market in the Asia-Pacific region and the fourth-largest in the world after the United States, Japan and Germany.
China is continuing to see an expansion in its HNWI population and their wealth, fueled by strong macroeconomic growth and market performance, particularly in equities and real estate, said Pauline Ko, market manager for China at Merrill Lynch Global Wealth Management.
The mainland's HNWIs had 42 percent of their investments in stocks and 27 percent in real estate last year, the report said, much higher than the average investment level in such sectors on the mainland.
The report predicts that in the coming year the investment proportion of wealthy Chinese in the real estate sector will drop to 39 percent due to concerns over the government's tightening control over house prices, while their investment in stocks will decrease to 21 percent.
Strong economic growth
Wei Zhen, Asia strategist with Merrill Lynch (Asia Pacific) Ltd, said Chinese millionaires would gradually reduce their wealth allocation in the equity and property markets as the government will not loosen its grip on the real estate market anytime soon and global equity markets may become volatile.
Wei projected that China's economy would expand by 9.3 percent this year and 9 percent in 2012.
A Merrill Lynch Wealth Management official in charge of the Chinese mainland and Taiwan market said China's strong economic growth was the main reason for the rise of the number of rich Chinese.
There will be a large growth potential for wealth management institutions in the country because of the large scale of the market and its rapid growth, he said.
The report also said the number of millionaires in Hong Kong reached 101,300, up 33.3 percent from 2009, the fastest growth globally for the second consecutive year due to rising asset prices. Their total wealth reached US$511 billion last year, up 35 percent from 2009, the world's top growth rate.
The number of HNWIs in the Asia-Pacific region hit 3.3 million last year, replacing Europe for the first time as the world's second-largest HNWI market after North America.
HNWIs are individuals with investable assets of US$1 million or more.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
