There may be a slowdown in spending, but there is still a lot of wealth in China. The country continues to add more millionaires.
According to the Hurun Wealth Report 2014, a newly released report from the Hurun Research Institute, China has 1,090,000 millionaires and 67,000 super-rich, up 3.8 percent and 3.7 percent respectively from a year ago. Last year saw the lowest growth of millionaires and super-rich in five years, but the growth rate appeared to have rebounded this year.
Beijing, Guangdong, and Shanghai had the highest number of high net-worth individuals (HNWIs), accounting for nearly 50 percent of China’s millionaires and 45 percent of China’s super-rich. Tianjin added the most millionaires and super-rich.