Ranks of the super-rich on the rise in China
November 24, 2014 Category Macro-economy, Weekly
Almost 400 more people have joined the ranks of the Chinese mainland’s super-rich. With 5% of the world’s super-rich, China ranks second in Asia after Japan, and fifth in the world behind the United States, Germany, Japan and the United Kingdom, according to the Wealth-X and UBS World Ultra Wealth Report. As of June, 11,070 individuals on the mainland now had net assets worth at least USD30 million, an increase of 395 over the previous 12-month period. Their combined net worth rose 3.3% to USD1.6 trillion. With an average age of 53, China’s super-rich population is among the youngest of the 60 countries and regions covered by the survey, compared with the global average age of 59. Women make up 15% of China’s super rich and have 12% of the total wealth. On average, China’s rich women have a net worth of USD114 million, compared with their male counterparts’ USD146 million. 91% are self-made millionaires. China’s super-rich population holds 7.3% of its total wealth, significantly lower than the 12.8% share of global wealth held by the world’s wealthy population. Globally, the report shows that 12,040 new ultra-high net worth individuals were created from July 2013 to June 2014, bringing the global wealthy population to a record 211,275, the Shanghai Daily reports.
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