China Watch Blog has learnt that the Chinese mainland registered a 12-percent year-on-year increase in its number of millionaires last year, boosted by economic growth and equity market gains.
According to a a joint report issued by Capegemini and Merrill Lynch Global Wealth Management, the combined wealth of the mainland’s 535,000 high net worth individuals (HNWIs) topped $2.66 trillion, up 13.2 percent from 2009.
The number of millionaires on the mainland makes the region the second-largest HNWI market in the Asia-Pacific region and the fourth-largest in the world after the United States, Japan and Germany, according to the report.
China is continuing to see an expansion in its HNWI population and their wealth, fueled 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.