China Now Home To 1 Million 'super Rich': Report

Discussion in 'China' started by Rashna, May 27, 2015.

  1. Rashna

    Rashna Senior Member Senior Member

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    China now home to 1 million 'super rich': Report


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    Many of the "new rich" came from innovative industries such as IT, biotechnology and alternative energy, the report said.

    BEIJING: The number of high net worth individuals (HNWIs) in China has passed the one million mark for the first time last year following a surge in the "innovative industries" sector, a study has shown.

    Defined as having more than 10 million yuan (USD 1.6 million) of investable assets, the country's super rich totalled 1.04 million at the end of last year, or twice the number recorded in 2010, the China Private Wealth Report said.

    The annual study is compiled by consulting firm Bain & Co and China Merchants Bank, state-run Shanghai Daily reported.

    China's investable assets rose by 16 per cent annually between 2012 and 2014 to 112 trillion yuan last year, the report said, adding that the figure is set to grow to 129 trillion yuan this year.

    Many of the "new rich" came from innovative industries such as IT, biotechnology and alternative energy, the report said.

    About 80 per cent of them are aged under 50.


    "China's HNWIs are driving the growth of the country's real economy, particularly in key innovative sectors, which is helping to fuel the economy and advance innovation," said Alfred Shang, a partner at Bain and co-author of the report.

    "Among the newly rich, we're seeing a more aggressive investment style, openness toward alternative investments, and increased focus on wealth creation, second only to wealth preservation as their primary wealth management objectives," he said.

    Guangdong province has the most wealthy individuals, with more than 100,000, though Shanghai and Beijing, and the provinces of Jiangsu, Zhejiang, Shandong and Sichuan each have more than 50,000, the report said.

    Meanwhile, according to the 2015 Billionaire Report released on Tuesday by UBS and PricewaterhouseCoopers, Asia will overtake the US as the world's cradle for wealth generation in the next five to 10 years.

    In China in the first three months of this year, a new billionaire was created almost every week, the report said.


    As of last year, the US was home to 47 per cent of the world's self-made billionaires, followed by Asia with 36 per cent and Europe with 17 per cent.

    By the end of last year there were more than 1,300 billionaires around the world, with a combined wealth of USD 5.4 trillion, the report said.

    http://timesofindia.indiatimes.com/...on-super-rich-Report/articleshow/47446484.cms
     
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  3. genius

    genius Regular Member

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    China is racing ahead, whereas our hindu nationalist govt. is busy with beef ban, khaps, oppression of women and minorities, etc. Ashamed to be an Indian.
     
  4. blueblood

    blueblood Senior Member Senior Member

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    What a sad and miserable life you live. There there.
     
  5. brational

    brational Regular Member

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    What else can one expect from a Bakistani. Why don't you pack your bag and get lost from India? China is a very promising place for Bakis and you will get brotherly treatment from Chinese people the way they are treating uighurs. You will feel proud once you are there.
     
  6. sob

    sob Moderator Moderator

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    Almost all the Shares in China have appreciated 100% in 2015 as per reports. I just wish I had some shares there.

    But on a serious note I just hope that this is not a gigantic bubble building up because when it explodes the ordinary man on the street is left with losses while the big players still get to make money.
     
  7. no smoking

    no smoking Senior Member Senior Member

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    The report didn't mentioned is all the shares in China lost 60% of their total value several years ago and have been staying in the bottom for years.

    That is exactly what a stock market is all about in every corner of the world: most people lose while few win.
     

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