Number of rich Chinese rising rapidly

Despite reports about China’s slowing growth, the number of new high-net-worth-individuals (HNWIs) is still rising at an unprecedented pace. A Capgemini report claims China has the fastest-growing community of HNWIs in the world.

According to the annual World Wealth Report, the number of Chinese individuals holding assets of at least US$1 million (excluding real estate and collectibles) increased by 16 percent in 2015, coming in at the highest growth rate in the world.

Capgemini estimates there are just over 1 million HNWIs in China, up from 890,000 last year. China comes fourth in the global list, after the U.S. (4.5 million), Japan (2.7 million), and Germany (1.2 million).

JingDaily reports that Capgemini predicts that China is expected to contribute to the Asia-Pacific region’s dominance of global HNWI wealth over the next decade. Asia-Pacific’s rich will hold two-fifths of all HNWI wealth globally – more than Europe, Latin America, the Middle East, and Africa combined.

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