Perhaps the Chinese economy is doing OK after all: The country’s ranks of the rich are growing slightly faster, according to a new report.
By slightly, we mean very: one percentage point.
Still, those who track the rich point to it as an optimistic signal. At the end of 2013, there were 1,090,000 people with a net worth of more than 10 million yuan ($1.6 million) and 67,000 with more than 100 million yuan, according to the Hurun Wealth Report 2014. That’s an increase of 4% for both categories. In the previous year, the growth rate was 3% and 2%, respectively, which represented the lowest increase over the six years Hurun has compiled the report.
Hurun, which also puts together an annual list of the richest people in China, said it came up with its headcount by two methods. First, it looked at the sales of high-end real estate and cars, as well as income tax returns and other data related to wealthy individuals. Then, it rounded out its headcount by taking into account macroeconomic data like gross domestic product growth and gross national product.
So who are the new rich? Mostly private business owners, said Hurun, who make up 55% of all millionaires (up from 50% last year). The report said the wealthy typically own a personal residence worth at least 2 million yuan, multiple cars worth more than 200,000 yuan as well as 1.7 million yuan in “investable assets.”
via Despite Sluggish Economy, China Has Yet Again More Millionaires – China Real Time Report – WSJ.
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