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China home to 236,000 millionaires
(Agencies)
Updated: 2004-06-18 08:51 The number of Chinese citizens with at least US$1
million in financial assets, excluding the value of home real estate, increased
by 12 percent year-on-year in 2003, pushing the total to 236,000, according to
the 2004 World Wealth Report issued by Merrill Lynch and Capgemini.
China enjoyed the sixth fastest growth rate in the world for the number High
Net Worth Individuals (HNWIs), defined as those with at least US$1 million in
financial assets, excluding the value of home real estate, last year.
Hong Kong recorded the largest growth in HNWIs with a 30 percent year-on-year
increase during 2003. Merrill Lynch attributed Hong Kong's enormous increase to
the booming Chinese economy, which has strengthened consumer confidence and
increased foreign investment in the Special Administrative Region.
The growing number of HNWIs in China's mainland, meanwhile, is becoming
increasingly evident, especially in the country's largest cities. In Shanghai
for example, the opening of various outlets selling luxury brands such as Gucci,
Rolex, and Louis Vutton are evidence that Chinese demand for high-priced goods
is large and growing. Despite a quick pace of growth, however, the number of
HNWIs in China is still relatively small when compared to the United States,
which was home to 2.272 million HNWIs in 2003.
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