Monday, August 19, 2013

Slowing Growth of “Chillionaires”

Moving out of the fast lane.

Here is a link to a just-released Jing Daily report on Chinese millionaires in 2012. It contains interesting graphs and statistics. Some notable takeaways are as follows:
  • The number of new Chinese millionaires grew by only 3% in 2012, the slowest pace in five years.
  • There are now over one million “Chillionaires” on the mainland.
  • The three cities with the highest number of millionaires are Beijing, Guangdong, then Shanghai.
  • The number of super-rich (net worth over $16 million) grew by only 2%. These individuals are mainly concentrated in Beijing.
  • Wealth growth happened more quickly in some second tier cities. Tianjin had 11% growth, while Henan had 8%.
  • Half of the millionaires made their money through their own businesses. 15% each were from real estate and stock market investing. The remaining 20% were from high-salaried professionals, including bankers. Bravo for entrepreneurialism!

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