China’s millionaires to cross 450,000 mark

Beijing, Nov 20 ( The personal wealth of the rich in China has continued to expand despite the global economic downturn, and a new study says their number could cross 450,000 by the year-end.

The phenomenal growth comes despite the global economic slowdown, said a report from the Boston Consulting Group (BCG) Thursday.

Assets under management have hit $1.73 trillion, China Daily quoted the report as saying.

“China is arguably the most explosive wealth market in the world, as rising income and a high savings rate will continue to spur development,” said Frankie Leung, partner and managing director of BCG Greater China.

He expected the number of millionaires in China to reach 800,000 over the next four years.

But the study showed that millionaire households represented only about 0.1 percent of all households in China, but held nearly half of the total wealth.

Most of them are located in Guangdong, Beijing, Shanghai and other coastal provinces.