China's millionaire club grows at fast pace
By Jane Chen and Ding Yining |
June 24, 2010, Thursday
|
Print Edition
Print Edition
CHINA had the world's fastest growing group of millionaires last year, an elite club that rose 31 percent from 2008 to 477,000 people.
The robust growth helped China overpass Britain as the world's fourth largest home to rich people.
And it led Asia to exceed Europe in the rich population's total wealth, according to a joint research by Merrill Lynch Global Wealth Management and Capgemini SA.
In the World Wealth Report 2010, released yesterday, the United States still leads with 2.87 million rich people, followed by Japan's 1.65 million and Germany's 860,000.
Globally, the population of rich individuals with investable assets of more than US$1 million rose to 10 million with the gradual recovery of global economy after declining in 2008.
"The rebound has been driven by emerging markets - especially India, China and Brazil - and the trend will continue," said Bertrand Lavayssire, managing director of Capgemini's Global Financial Services.
The world's richest people got richer. Their combined assets gained 19 percent to US$39 trillion, the report said.
The super-rich, or those with investable assets of US$30 million or more, represented only 0.9 percent of the global millionaires, but accounted for more than a third of the wealth, the report said.
The number of millionaires in Asia-Pacific rose 26 percent to 3 million, catching up to Europe for the first time. Wealth in the region surged 31 percent to US$9.7 trillion, erasing losses in 2008 and surpassing the US$9.5 trillion wealth held by that of Europe.
"Going forward, the BRIC (Brazil, Russia, India and China) nations are expected to be the drivers of each region again in the future," the report said, "while China and India will lead the way in Asia with economic expansion likely to outpace more developed economies."
China, along with France, Japan, Britain and Germany, led in global spending last year, helping to boost global consumption confidence indexes.
China also contributed greatly to the 49 percent growth in the global luxury market for such things as private airplanes, limousines and luxury housing.
The report attributed China's fast wealth growth to the government's economic momentum drives which generated a growth of 8.7 percent last year in gross domestic product.
The nation's bustling economic growth was also seen in the arts market, which rose 25 percent to US$830 million, according to the report.
The robust growth helped China overpass Britain as the world's fourth largest home to rich people.
And it led Asia to exceed Europe in the rich population's total wealth, according to a joint research by Merrill Lynch Global Wealth Management and Capgemini SA.
In the World Wealth Report 2010, released yesterday, the United States still leads with 2.87 million rich people, followed by Japan's 1.65 million and Germany's 860,000.
Globally, the population of rich individuals with investable assets of more than US$1 million rose to 10 million with the gradual recovery of global economy after declining in 2008.
"The rebound has been driven by emerging markets - especially India, China and Brazil - and the trend will continue," said Bertrand Lavayssire, managing director of Capgemini's Global Financial Services.
The world's richest people got richer. Their combined assets gained 19 percent to US$39 trillion, the report said.
The super-rich, or those with investable assets of US$30 million or more, represented only 0.9 percent of the global millionaires, but accounted for more than a third of the wealth, the report said.
The number of millionaires in Asia-Pacific rose 26 percent to 3 million, catching up to Europe for the first time. Wealth in the region surged 31 percent to US$9.7 trillion, erasing losses in 2008 and surpassing the US$9.5 trillion wealth held by that of Europe.
"Going forward, the BRIC (Brazil, Russia, India and China) nations are expected to be the drivers of each region again in the future," the report said, "while China and India will lead the way in Asia with economic expansion likely to outpace more developed economies."
China, along with France, Japan, Britain and Germany, led in global spending last year, helping to boost global consumption confidence indexes.
China also contributed greatly to the 49 percent growth in the global luxury market for such things as private airplanes, limousines and luxury housing.
The report attributed China's fast wealth growth to the government's economic momentum drives which generated a growth of 8.7 percent last year in gross domestic product.
The nation's bustling economic growth was also seen in the arts market, which rose 25 percent to US$830 million, according to the report.
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