Statistically speaking, if you have 1,000 Chinese friends, one of those is likely to be a multimillionaire. Congratulations!
This statistic comes from a recent Hurun wealth report, published jointly with China CITIC Bank, which found that in May of this year there were 1.34 million multimillionaires living in mainland China. That’s a 10.7% increase over last year. (Note: We’re talking RMB multimillionaires, not the USD kind).
Chinese state news media did the math. Since there were 1.368 billion people living in China at the end of 2014, that means that out of every 1,000 Chinese citizens, there is one multimillionaire. And that doesn’t even count all those who have fled overseas.
Meanwhile, the number of billionaires in China has shot up to 89,000, a 14.1% increase compared with last year. A previous Hurun report this year proclaimed Beijing the billionaire capital of the world, surpassing New York City. This latest one found that 1 out of every 100 Beijingers is a multimillionaire.
This all goes along with another report from earlier this year that found that the top 1% in China owned one-third of the country’s wealth.