Dwindling value of the Chinese stock markets might have hit China’s wealthy dramatically, the number of millionaires on the mainland in Renminbi has hit a record 825,000, says Rupert Hoogewerf in his latest Hurun report, writes the China Daily. More than 51,000 have even more than 100 million Renminbi.
Rupert Hoogewerf has been tracking China’s wealthy since 1999.
The China Daily:
According to the new report, the number of wealthy people with more than 10 million yuan in Beijing, Guangdong and Shanghai made up nearly half of the total.
Beijing, with a population at more than 16 million, boasts the highest number of millionaires — at around 143,000.
The capital was followed by south China’s Guangdong province, where the number of 10-million tycoons reached 137,000. The business hub of Shanghai has 116,000 such wealthy people.
The report showed that average age of the millionaires was 39, and those people fell into four categories: businessmen, those with high-profile jobs such as celebrities, those who earned money from housing trades and professional stock investors.