Wealthy individuals in China rose 20.3% last year
According to the 2008 Asia-Pacific Wealth Report, released by Merrill Lynch and IT services and business consultancy company Capgemini yesterday, to the end of 2007, the number of wealthy individuals in China was 415,000 which rose by 20.3% comparing with 2006.
Wealthy people are the individuals who have more than one million dollars asset not including the real estate they live themselves. China has the second largest population of rich individuals, constituting 14.8% wealthy individuals in the region. The average asset of wealthy individuals in China has reached 5.1 million.
At the same time, China first became the largest population country of super rich individuals in Asia Pacific. There were 6,038 super rich individuals who own more than 30 million dollars asset in China.
According to Liu Changxin, the senior executive marketing manager of Merrill lynch global wealth management in Greater China, because China’s economy developed rapidly and stock market capitalization soared last year, the population of rich individuals and asset increased continuously. From the second half of last year, because of the unsteady economy, wealthy individuals preferred conservative investment. As a result, the percentage of cash, bank deposit and fixed income security constituted 46% of financial assets of wealthy individuals in Asia Pacific last year, rose by 7%, comparing with 2006.
According to the report, the total assets of the rich individuals in Asia Pacific are expected to grow with the rate of 7.9% annually which is slightly higher than that of global growth. It is hopeful for Asia Pacific to replace Europe becoming the second wealth centre of the global rich individuals.
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