China’s rich building wealth in property

December 24th, 2011 - 8:25 pm ICT by IANS  

Beijing, Dec 24 (IANS) Fourteen percent of rich Chinese families whose investments in assets top six million yuan (about $946,700) depend on the real estate industry as their major source of income, the 2011 China Wealth Market Report said Saturday.

Nearly 60 percent of rich Chinese families are private business owners, while 12 percent became millionaires by investing in the financial market and 10 percent accumulated their fortune through salaries, with the other five percent inheriting their wealth, China Daily reported quoting the report.

The number of rich Chinese families is growing rapidly in provinces like Shanxi, Hainan, Anhui and Guizhou, the daily said.

Individual investment in assets is expected to hit 62 trillion yuan this year and 1.21 million Chinese families will have over 6 million yuan worth of investment assets.

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