Mainland 2nd in Asia’s super-rich table
Print Edition
ALMOST 400 more people have joined the ranks of the Chinese mainland’s super rich, according to the latest report on the world’s wealthiest individuals.
With 5 percent of the world’s super rich, the mainland ranks second in Asia after Japan, and fifth in the world behind the United States, Germany, Japan and the United Kingdom, according to the Wealth-X and UBS World Ultra Wealth Report released yesterday.
It said that, as of June, 11,070 individuals on the mainland now had net assets worth at least US$30 million, an increase of 395 over the previous 12-month period.
Their combined net worth rose 3.3 percent to US$1.6 trillion, the report said.
However, due to slower economic expansion in China, the wealth growth rate is lower than the Asian average of 5.8 percent and almost half the 7 percent global average.
With an average age of 53, the mainland’s super rich population is among the youngest of the 60 countries and regions covered by the survey, compared with the global average age of 59.
Women make up 15 percent of the mainland’s super rich and have 12 percent of the total wealth. On average, China’s rich women have a net worth of US$114 million, compared with their male counterparts’ US$146 million.
The report said that China’s wealthy are still in the early stages of a cycle of wealth creation as 91 percent of them are self-made millionaires.
“Although Chinese ultra high net worth individuals are still seizing opportunities through their large domestic market, many of them are also choosing to relocate outside of China, or at least diversify their business interests internationally,” the report said.
With a large population and a growing middle class, the mainland’s super-rich population holds 7.3 percent of its total wealth, significantly lower than the 12.8 percent share of global wealth held by the world’s wealthy population.
Globally, the report shows that 12,040 new ultra-high net worth individuals were created from July 2013 to June 2014, bringing the global wealthy population to a record 211,275. The total wealth of the world’s super rich is said to be around US$30 trillion.
The report forecasts that the global super-rich will exceed 250,000 within the next five years, with total wealth surpassing US$40 trillion. It also predicts that Asia will overtake Europe to see the fastest growth in wealth in the next 10 years.
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