The number of wealthy Chinese has grown 23% year-on-year even as the country’s economic growth is slowing. By the end of the year, China is expected to have 1.12 million residents with at least CNY10 million of investable assets – compared with 910,000 people at the end of last year. Their combined investable assets would reach CNY114.5 trillion – up 7.8% from last year – according to a report compiled by Forbes’ Chinese edition and Beijing-based finance management firm Fu Hua Asset. The industries with the most wealthy people were telecommunications, media, technology, finance, and trade, the report said. Jia Kang, President of the China Academy of New Supply-side Economics, said the number of rich had risen much faster than the country’s economy, which, suffering from a lingering downturn, grew at just 6.9% in the third quarter of the year. “It shows the economy has brought more benefits for them than for the poor,” he said.

In a separate poll of 284 high-net-worth Chinese who were either considering emigration or had already emigrated, Hong Kong beat Shanghai and New York as the most important global city. “Hong Kong’s investment environment and quality of life is most attractive for rich Chinese, despite the Hong Kong government suspending investment immigration,” said Rupert Hoogewerf, Chairman of Hurun Report, which issued the study with immigration service firm Visas Consulting Group. However, the U.S. remained the most popular emigration destination, valued for its top universities, property market, medical services and friendly immigration policy. Britain replaced Canada as the second choice, the South China Morning Post reports.