Million mainland multimillionaires
By Wang Xiang |
August 1, 2012, Wednesday
|
Print Edition
Print Edition
There is one multimillionaire to every 1,300 Chinese as the number of individuals on the Chinese mainland with more than 10 million yuan broke through the 1-million mark for the first time, according to the latest Hurun Wealth Report.
The number of Chinese mainlanders with more than 10 million yuan reached a record 1.02 million, an increase of 6.3 percent over the previous year.
The Chinese mainland is also home to 63,500 super-rich, those worth more than 100 million yuan, a rise of 5.8 percent.
Beijing is home to the most of China's wealthy, with 179,000 millionaires and 10,500 super-rich. Guangdong Province is close behind with 167,000 millionaires and 9,500 super-rich. Shanghai comes third with 140,000 millionaires and 8,200 super-rich.
Rising property prices and a fast-growing GDP were the key drivers for growth in the number of Chinese multimillionaires in 2011, according to the report.
More than 75 percent of China's super-rich own their own businesses, 15 percent are in real estate, while the other 10 percent mainly invest in stocks.
Though new regulations were introduced in 2011, resulting in a downturn in the real estate market, buying property is still the preferred investment choice for millionaires, with interest in stock investments also on the rise.
More than 85 percent of millionaires planned to send their children abroad for education, while the figure for billionaires was 90 percent.
More than 16 percent of mainland millionaires have already emigrated or have applied, while 44 percent are making plans to do so in the near future.
The number of Chinese mainlanders with more than 10 million yuan reached a record 1.02 million, an increase of 6.3 percent over the previous year.
The Chinese mainland is also home to 63,500 super-rich, those worth more than 100 million yuan, a rise of 5.8 percent.
Beijing is home to the most of China's wealthy, with 179,000 millionaires and 10,500 super-rich. Guangdong Province is close behind with 167,000 millionaires and 9,500 super-rich. Shanghai comes third with 140,000 millionaires and 8,200 super-rich.
Rising property prices and a fast-growing GDP were the key drivers for growth in the number of Chinese multimillionaires in 2011, according to the report.
More than 75 percent of China's super-rich own their own businesses, 15 percent are in real estate, while the other 10 percent mainly invest in stocks.
Though new regulations were introduced in 2011, resulting in a downturn in the real estate market, buying property is still the preferred investment choice for millionaires, with interest in stock investments also on the rise.
More than 85 percent of millionaires planned to send their children abroad for education, while the figure for billionaires was 90 percent.
More than 16 percent of mainland millionaires have already emigrated or have applied, while 44 percent are making plans to do so in the near future.
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