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China created 40,000 new millionaires in 2013, bringing the total to 1.09 million, according to a new study
CNBC reports: The growth of 3.8 percent is a bit of an improvement from last year’s 3 percent gain. But it’s still only about half the growth rate of 2010 and 2011, suggesting that China’s economic slowdown and the government’s crackdown on corruption is slowing its millionaire manufacturing machine.
“Beijing and Guangdong have the most millionaires, with 192,000 and 180,000 respectively, followed by Shanghai with 159,000.”
According to the Hurun Research Institute, the number of people in China with personal wealth of 10 million yuan—or $1.6 million—in mainland China reached 1,090,000, up from 1,050,000 in 2012.
The number of people in China worth 100 million yuan, or $16 million, increased by 2,500 people to 67,000.
[We also celebrate the scandalous pleasure of obscenely affordable luxury items]
The slower millionaire growth comes as sales of high-end luxury goods in China—everything from watches and wine to handbags and Lamborghinis—have also cooled. But Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, said this year’s millionaire growth was still solid.
“Although we have been seeing a slowdown in spending, the money is still very much there,” he said in the report. Read the rest of this entry »