Number of China's millionaires ranks fourth in the world

The number of Chinese mainland's rich individuals with at least $1 million in net financial assets, excluding their primary residences, amounted to 364,000 by the end of 2008, according to a report by Capgemini SA and Merrill Lynch Wealth Management.

Although the number of millionaires in China dropped 12 percent to 364,000 and the value of their assets shrank 21 percent to $1.7 trillion, the combined riches of millionaires overtook that of the U.K. to rank fourth in the world.



Despite the decline of wealth in Asia-Pacific region due to financial crisis, China maintained a nine percent growth rate last year even as the U.S. and Europe slipped into recessions.

"The region's economies are showing signs of recovery and are forecast to grow at a faster pace than the global economy by 2010,” according to the statement. China is likely to lead high-net-worth-individual growth in Asia-Pacific, underpinned by robust domestic consumption and a growing number of affluent individuals,said Fang Kaishi, the chief executive of Merrill Lynch Global Wealth Management.

By People's Daily Online