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China closes in on having 1 million millionaires

China closes in on having 1 million millionaires

According to an annual wealth report, the Chinese mainland has 960,000 millionaires with personal wealth of $1.5 million or more, registering a 9.7 per cent year-on-year

China is close to have 1 million millionaires with rapid expansion of the new rich, cashing on the booming private business in the Communist country.

According to an annual wealth report released on Tuesday, the Chinese mainland has 960,000 millionaires with personal wealth of 10 million yuan ($1.5 million) or more registering a 9.7 per cent year-on-year, according to GroupM Knowledge - Hurun Wealth Report 2011.

Of the 960,000 millionaires, 60,000 have been identified as China's super rich with 100 million yuan or more in wealth, up 9 per cent year-on-year.

Beijing led the way with 10,000 residents boasting 100 million yuan or more, followed by Guangdong province with 9,000 and Shanghai with 7,800.

According to the report, Chinese millionaires average 39 years old, a full 15 years younger than their Western counterparts. Thirty per cent of the millionaires are female, the same as last year. The report also put the number of China's billionaires at 4,000, but only a third were on the Hurun China Rich List 2010.

"(It suggests) there is still a great deal of hidden wealth in the Chinese economy," Rupert Hoogewer, chairman and chief researcher of Hurun Report said.

Rising property prices and a fast-growing GDP have been the key drivers for the rising number of Chinese millionaires, the report said.

According to it, 55 per cent of Chinese millionaires derived their wealth from private businesses, and 20 per cent are property speculators who have ridden the fast hike in home prices.

About 15 per cent are stock gurus, while the remaining 10 percent are high-earning salaried executives, excerpts of the report published in state run China Daily said.