China?s millionaires leap past 1 million growth

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According to Boston Consulting Group?s survey, China has more than a million millionaires as economic growth, savings and a strengthening currency helped swell their ranks by 262,000 in the year 2010. The millionaire households jumped by a 31 percent last year from the previous year to 1.11 million.

China ranks eighth globally for households with assets worth more than $100 million, with 393. As per the study, China?s affluent class only holds about 5 percent of its wealth offshore. China?s number of millionaire households ranks it third, behind the 5.22 million in the US and Japan?s 1.53 million. However wealth in privately held businesses and property wasn?t accounted in the study and therefore leaving behind a major chuck of economic assets in the mainland.

“This grossly underestimates true overall wealth in China,” said Tjun Tang, a partner at BCG in Hong Kong. The survey also excludes works of art, fine wines and yachts, a growing class of assets among China’s well-heeled.

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