China May Become Home to Half of Rich in 10 Asian Economies
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China’s millionaires may account for about half of the rich people across 10 major economies in Asia and hold more than half of the wealth by 2015, according to a study by Julius Baer Group and CLSA Asia Pacific Markets.
The millionaires will more than double in number to 2.8 million, with 1.4 million high net worth people in China, according to a report released yesterday that covered China, India, Thailand, Indonesia, South Korea, Taiwan, Hong Kong, Singapore, the Philippines and Malaysia. Chinese millionaires will hold $8.76 trillion of the $15.81 trillion that these countries’ rich are expected to have, it said.