The Millionaire’s Club: China Now Home to A Million ‘Super-Rich’

The number of high net worth individuals (HNWIs) in China has passed the one million mark.

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<!--StartFragment-->Highrise buildings of Shanghai’s financial district of Pudon. (Photo: AP)<!--EndFragment-->

The number of high net worth individuals (HNWIs) in China has passed the one million mark for the first time following a surge in the “innovative industries” sector, a study has shown.

Defined as having more than 10 million yuan ($ 1.6 million) of investable assets, the country’s super rich totalled 1.04 million at the end of last year, or twice the number recorded in 2010, the China Private Wealth Report said.

The annual study is compiled by consulting firm Bain & Co and China Merchants Bank, state-run Shanghai Daily reported.

Many of the “new rich” came from innovative industries such as IT, biotechnology and alternative energy, the report said.

About 80 % of them are aged under 50.

China’s high net-worth individuals are driving the growth of the country’s real economy, particularly in key innovative sectors, which is helping to fuel the economy and advance innovation.

—Alfred Shang, co-author of Bain &Co report

In China in the first three months of this year, a new billionaire was created almost every week, the report said.

As of last year, the US was home to 47 % of the world’s self-made billionaires, followed by Asia with 36 % and Europe with 17 %

By the end of last year there were more than 1,300 billionaires around the world, with a combined wealth of $ 5.4 trillion, the report said.

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