Or so says the BCG Global Wealth survey, which measured 262,000 new millionaire households in China (a 31% jump) in 2010. Now with 1.11 million millionaire households, China moves into 3rd place, behind Japan (1.53 million) and the U.S. (5.22 million).
China’s millionaires have nearly tripled since 2005. And they’ve got 383 hundred-millionaire households to boot. (Those are called UHNW – “ultra high net worth” – households, if you’re a fan of acronyms. LSNED!)
These findings, however, do NOT include privately held businesses and other private holdings such as yachts, bling, and fine wines (wine being more a factor here than elsewhere) says one of the report’s authors. So the actual amount of wealth on the mainland is “grossly” underestimated.
China’s not the only country with bazillions of rich people. Listen to these millionaire concentration numbers from Singapore:
Singapore had the highest concentration of millionaires, accounting for 15.5 percent of the population, the study showed, followed by Switzerland with 9.9 percent, Qatar with 8.9 percent and Hong Kong with 8.7 percent.
How is that even possible?! That means when playing a game of Candyland in Singapore, you’re more likely than not to traipse across Gum Drop Mountain with at least one millionaire.
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