A recent independent survey shows that China had four million millionaire households in 2014, maintaining its status as the second-largest millionaire population after the United States.
China added one more million to the three million millionaires it boasted last year (so very many millions), when the soaring stock market boosted private wealth. The US came first, with 7m millionaire households, while Japan took third place with 1m millionaires.
The sudden 38 percent increase in private wealth is mainly attributed to China’s investments in local equities. The trend is estimated to set Asia-Pacific (excluding Japan) to become the richest region in the world, topping North America.
“Strong market performance across the entire (Asia-Pacific excluding Japan) region — thanks to solid domestic demand — significantly increased the value of existing assets… compared with the increase stemming from newly created wealth,” according to the report.
However, the sudden boost in wealth becomes a larger concern in China’s growing income gap. As it goes in the world’s most populous country, the rich become even richer, and the poor only become poorer.
[Image via DailyMail]
By Sharon Choi