Number of rich Chinese rises nearly nine-fold in decade, survey suggests


China, the world's second largest economy, has created nine-fold rich people compared to a decade ago. The rich people here is defined as people who have at least 10 million RMB (US$1.47 million) of investable assets.  The number of rich people in China reached a record high of 1.6 million in 2016, while it was only 180,000 in 2006. The total private wealth market increased to 165 trillion RMB in 2016. But the growth rate is expected to decline from the 21 percent annually from 2014 to 2016 to 14 percent in 2017. The number of "high net worth individuals" who have at least 100 million RMB of investable assets has reached 120,000, while the number was less than 10,000 in 2006. About 56 percent of the rich people make overseas investment. Read more here

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