According to a study released on Tuesday, China’s mainland is home to over 7,600 “super rich” people. The study, carried out by Credit Suisse, also revealed that the nation has the second highest number of individuals with extreme wealth in the world, only being topped by the USA, writes Shanghai Daily.
China has seen staggering economic growth in the past decade, and from 2000-2014, the average Chinese person’s wealth has tripled to US$21,330. The study revealed, however, that despite the fact that the average Joe is becoming richer, there is still massive wealth inequality in the Chinese mainland, and it appears to be growing.
The Gini coefficient, which is used to measure wealth inequality, measured the inequality in the Chinese mainland at 72 percent. This figure has increased from the 60 percent figure measured in 2000.
The Credit Suisse study also analyzed who is occupying the world’s richest 10 percent and revealed that China has the third highest number of people on the list. It is expected to overtake Japan, second on the list, in the next five years if Japan’s economy continues to dwindle.
The number of individuals with great personal wealth is forecasted to continue expanding and the report declared that by 2019 there could be 2.3 million millionaires in China, double the current figure, writes South China Morning Post.
There is no secret to where this new wealth is coming from, however, with five of China’s ten richest individuals having accumulated their wealth in the Internet sector. This represents a swing in trends from years gone by, when China’s richest were often working in the property sector.
China’s rich list is currently headed by Alibaba’s Jack Ma, who was announced to be China’s wealthiest person earlier this year, knocking a property tycoon off the top spot.
By Robert Ridley