China is closing in on having 1 million millionaires.
According to an annual wealth report released on Tuesday, the mainland has 960,000 millionaires with personal wealth of 10 million yuan (RM4.6 million) or more.
That is up 9.7 percent year-on-year, said the GroupM Knowledge – Hurun Wealth Report 2011.
Rising property prices and a fast-growing gross domestic product have been the key drivers for the rising number of Chinese millionaires, according to the report.
It found that 55 per cent of Chinese millionaires derived their wealth from private businesses, and 20 per cent are property speculators who have ridden the fast hike in home prices. About 15 per cent are stock gurus, while the remaining 10 percent are high-earning salaried executives.
This is the third year of the report, written by publishing and events institute Hurun Report in cooperation with think tank GroupM Knowledge.
With China Daily/ANN input
