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Opinion
William Pesek

China's Latest Bubble: Millionaires

China's millionaire bubble is dangerous for two reasons: it's widening the gap between rich and poor, and slowing the impetus for much-needed reforms.
The gap between China's superrich and the rest is growing dangerously wide.
The gap between China's superrich and the rest is growing dangerously wide.

Funny how everyone thought China would get old before it got rich. The opposite seems to be true.

A new Boston Consulting Group study shows America's lock on the most-millionaires title may be in jeopardy after a surge in Chinese wealth. The Middle Kingdom surpassed Japan and Europe in the most recent survey, boasting 2.4 million millionaires. That's still far off the U.S.'s 7.1 million, of course. But the absence of transparency in China and the vast networks that exist to spirit wealth into bank accounts overseas makes it a sure bet BCG's figure is wildly conservative.