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China: One multimillionaire every 1,000 Chinese

Wednesday, 9 November 2016

china money

BEIJING: It‘s not as hard as you might think to bump into a multimillionaire in China these days.

The Chinese mainland is home to 1.34 million multimillionaires as of May this year, increasing by 130,000 people with a 10.7% growth rate, according to a recently released Hurun report.

Given the national population was 1.368 billion at the end of 2014, based on National Bureau of Statistics, multimillionaires, including billionaires, now make up 0.1 percent of the total population of China.

That means for every 1,000 Chinese, there is one multimillionaire. The number of billionaires has reached 89,000, an extra 11,000 or a 14.1% increase compared to last year.

Guangdong province is now home to the most number of multimillionaires, replacing Beijing with 240,000 people.

More than half of all multimillionaires are located in Guangdong, Beijing, Shanghai and Zhejiang.

The report shows multimillionaires prefer and tend to increase their overseas investment, where foreign exchange is one of the most common investment products.

The foreign exchange brings investors an 11% yield rate as the RMB declined 11% in value against the dollar from last June to May this year.

Investors are also fond of overseas insurance investment with 45% purchasing insurance products.

Source by: Internet

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