Chinese millionaires increase
Source: Bloomberg News |
June 2, 2011, Thursday
|
Print Edition
Print Edition
CHINESE mainland has more than a million millionaires as economic growth, savings and a strengthening currency helped swell their ranks by 262,000 last year, according to a Boston Consulting Group survey.
Millionaire households jumped 31 percent in 2010 from the previous year to 1.11 million, the BCG Global Wealth Survey has shown.
The mainland's number of millionaire households ranks it third, behind the 5.22 million in the United Startes and Japan's 1.53 million, according to BCG. Still, wealth in privately held businesses and property wasn't accounted for in the survey, thereby missing a major chunk of economic assets in the mainland.
"This grossly underestimates true overall wealth in China," said Tjun Tang, a partner at BCG in Hong Kong and one of the report's authors. The survey also excludes works of art, fine wines and yachts, a growing class of assets among the country's well-heeled.
The Chinese mainland ranks eighth globally for households with assets worth more than US$100 million, with 393, according to the survey.
The Asian nation's affluent class only holds about 5 percent of its wealth offshore, said Tang, and international wealth management companies are constrained by the number of products they can offer inside the Chinese mainland.
The number of millionaire households globally increased to about 12.5 million, the Boston-based firm said in the study. Singapore millionaires rose by almost 33 percent after jumping about 40 percent a year earlier.
Singapore had the highest concentration of millionaires, accounting for 15.5 percent of the population, the study showed, followed by Switzerland with 9.9 percent, Qatar with 8.9 percent and Hong Kong with 8.7 percent.
Hong Kong had the 10th most millionaire households in the world, with 200,000, as well as 223 households worth more than US$100 million.
It saw 10,000 newly minted millionaire households last year. In 2005 it had 120,000 millionaires, BCG said.
Wealth in the Asia-Pacific region excluding Japan is expected to grow at a compound annual rate of 11.4 percent from 2010 to 2015, raising its share of global wealth from 18 percent to 23 percent.
Millionaire households jumped 31 percent in 2010 from the previous year to 1.11 million, the BCG Global Wealth Survey has shown.
The mainland's number of millionaire households ranks it third, behind the 5.22 million in the United Startes and Japan's 1.53 million, according to BCG. Still, wealth in privately held businesses and property wasn't accounted for in the survey, thereby missing a major chunk of economic assets in the mainland.
"This grossly underestimates true overall wealth in China," said Tjun Tang, a partner at BCG in Hong Kong and one of the report's authors. The survey also excludes works of art, fine wines and yachts, a growing class of assets among the country's well-heeled.
The Chinese mainland ranks eighth globally for households with assets worth more than US$100 million, with 393, according to the survey.
The Asian nation's affluent class only holds about 5 percent of its wealth offshore, said Tang, and international wealth management companies are constrained by the number of products they can offer inside the Chinese mainland.
The number of millionaire households globally increased to about 12.5 million, the Boston-based firm said in the study. Singapore millionaires rose by almost 33 percent after jumping about 40 percent a year earlier.
Singapore had the highest concentration of millionaires, accounting for 15.5 percent of the population, the study showed, followed by Switzerland with 9.9 percent, Qatar with 8.9 percent and Hong Kong with 8.7 percent.
Hong Kong had the 10th most millionaire households in the world, with 200,000, as well as 223 households worth more than US$100 million.
It saw 10,000 newly minted millionaire households last year. In 2005 it had 120,000 millionaires, BCG said.
Wealth in the Asia-Pacific region excluding Japan is expected to grow at a compound annual rate of 11.4 percent from 2010 to 2015, raising its share of global wealth from 18 percent to 23 percent.
- 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.
