Skip to content
Subscriber Only

China Will More Than Double Millionaires by 2025: HSBC

Pedestrians walk past luxury stores in the Wangfujing shopping area of Beijing. 

Pedestrians walk past luxury stores in the Wangfujing shopping area of Beijing. 

 Photographer: Gilles Sabrie/Bloomberg

China will more than double the number of millionaires in the next five years and boost the size of the middle class by almost half, spurring consumption in the economy, according to HSBC Holdings Plc.

The number of high-net-worth individuals -- those with the equivalent of at least 10 million yuan ($1.55 million) in investable assets -- will likely increase to 5 million by 2025 from more than 2 million currently, the bank estimated. The middle class, which numbers about 340 million now based on the narrowest definition, will grow by more than 45% to over 500 million in the period, it said.