China had 535,000 millionaires in 2010October 13th, 2011 - 5:04 pm ICT by IANS
Beijing, Oct 13 (IANS) China had 535,000 millionaires last year, registering a 12-percent year-on-year increase in its number of millionaires, a Capgemini report said Thursday.
The combined wealth of China’s 535,000 high net worth individuals (HNWIs) topped $2.66 trillion, up 13.2 percent from 2009, according to a joint report issued by Capegemini and Merrill Lynch Global Wealth Management.
The number of millionaires makes the region the second-largest HNWI market in the Asia-Pacific region and the fourth-largest in the world after the US, Japan and Germany, reported Xinhua citing the report.
China is continuing to see an expansion in its HNWI population and their wealth, fuelled by strong macroeconomic growth and market performance, particularly in equities and real estate, said Pauline Ko, market manager for China at Merrill Lynch Global Wealth Management.
The mainland’s HNWIs had 42 percent of their investments in equities and 27 percent in real estate last year, the report said.
Wei Zhen, Asia strategist with Merrill Lynch (Asia Pacific) Ltd., said that he expects Chinese millionaires to gradually reduce their wealth allocation in the equity and property markets, as the government will not loosen its grip on the real estate market anytime soon and global equity markets may turn volatile.
Wei projected that China’s economy will expand by 9.3 percent this year and nine percent in 2012.
HNWIs are defined as individuals who have investable assets of $1 million or more, excluding primary residences, collections, consumables and consumer durables.
- Indian millionaires' number up by 50 percent in 2009 - Jun 23, 2010
- China's super-rich to get richer - May 08, 2012
- China has fourth highest number of millionaires in world - Apr 01, 2010
- Indian millionaires will see wealth grow fastest over next decade - Aug 17, 2011
- China's rich building wealth in property - Dec 24, 2011
- India, Brazil attract largest equity inflows: IMF - Apr 13, 2011
- China boasts 3rd-largest population of millionaires in the world - Dec 03, 2010
- Britain's 'most-networked' man sets eyes on India - Jan 10, 2011
- Growth of millionaires in India fastest in world - Jun 25, 2008
- Millionaire households grow in China - Jun 05, 2012
- Gulf stock markets fall as Libyan crisis deepens - Feb 23, 2011
- India sees fastest growth of millionaires - Sep 26, 2008
- Shanghai - a city with 132,000 millionaires - May 13, 2011
- Bombardier inaugurates engineering centre in Bangalore - Apr 17, 2012
- China's new millionaires buying up Britain - Jan 17, 2011
Tags: asia pacific region, capegemini, capgemini, chinese millionaires, consumables, consumer durables, global equity markets, global wealth, high net worth individuals, investable assets, macroeconomic growth, market performance, merrill lynch, number of millionaires, pacific ltd, property markets, strategist, trillion, wealth management, xinhua