Chinese millionaires to reach 2.2 million by 2019
China is set to double its millionaires to 2.2 million and increase its collective wealth by 75 per cent to reach US$9.5 trillion ($12.03 trillion) by 2019, according to a WealthInsight report.
Between 2010 and 2014 Chinese high net worth individuals (HNWI) increased by 52.8 per cent to a total 1,347,713. In 2014 China had 8366 ultra high net worth individuals (UNHWI) with an average per capital wealth of US$180.3 million, the report said.
"Despite prudential measures being undertaken in the Chinese economy, entrepreneurship is one of the most important elements that fuelled the HNWI population. Unlike in Europe and the US where fortunes have been passed on to next generations through family businesses," WealthInsight economist Roselyn Lekdee said.
"Interestingly, the Chinese HNWIs held 19.9 per cent outside their home country in 2014, which is below the worldwide average of 20 to 30 per cent. The Chinese millionaires certainly prefer to keep their wealth closer to home."
The report found Beijing, Shanghai, and Guangzhou have the highest millionaire growth forecasts, with Beijing's HNWIs having grown from 141,413 in 2010 to 226,707 in 2014. In total, there were 194 billionaires, 2790 centimillionaires (wealth between US$100 million and US$1 billion), and 5382 millionaires.
Recommended for you
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.
