According to data compiled by Bain and Co, China is a home for more than one million millionaires, as private wealth soars in the country. The biggest concentration - at least 100,000 - is in Guangdong province, just over the border from Hong Kong, says CNNMoney.
The number of high net worth individuals - those with more than 10 million yuan ($1.6 million) in investable assets - has doubled since 2010, the report said.
Total personal wealth surpassed the 100 trillion yuan ($16 trillion) mark last year, and is expected to hit 129 trillion ($21 trillion) this year.
Rapidly growing innovative industries are creating a new class of "newly
rich" Chinese younger than 50.
"China's high net worth individuals are driving the growth of the country's real economy, particularly in key innovative sectors, which is helping to fuel the economy and advance innovation," said Alfred Shang, one of the authors of the Bain report.
Wealth in China is being created at an incredible pace, following decades of rapid economic growth. According to UBS and PricewaterhouseCoopers, a new billionaire was created every week in the first quarter of the year in China.
UBS also noted that China still is behind the U.S. in terms of billionaires, with about 200 versus 570.
Bain surveyed about 2,800 Chinese high net worth individuals via questionnaire, and conducted another 100 interviews. The main investment goals of China's miilionaires are to preserve their wealth and make even more money, Shang said.
About 36% of wealthy Chinese plan to increase their investments in
technology, biotech and alternative energy.
Only 10% say they expect to raise their exposure to traditional manufacturing industries.
