Nation's wealthy ranks fourth globally
Updated: 2014-06-21 07:17
By Lyu Chang (China Daily)
|
|||||||||||
The nation stands fourth in the global ranking of US dollar millionaires following the United States, Japan and Germany, which together account for 60 percent of global millionaires, said France-based Capgemini and the Royal Bank of Canada.
The annual wealth report is the latest of many surveys, highlighting the growth of the wealthy in the Asia-Pacific region, despite concerns over slowing growth in the world's second-largest economy.
The number of people with at least $1 million in liquid assets in China reached about 750,000, compared to 4 million in the US, Japan's 2.3 million and Germany's 1.1 million, according to the survey.
China and Japan, the only two Asian countries that made into the top five, contribute the most to Asia's growing wealth pool, which took experts by surprise due to the economic slowdown in both countries.
"If you look at Japan's economic situation after the disaster at the Fukushima nuclear power plant, it finds itself facing huge costs in terms of cleaning up and rebuilding," said Lu Jinyong, a professor at the University of International Business and Economics in Beijing.
"But probably because of that, it is now considering a green future, providing huge business opportunities in the field of new energy and other industries benefiting from the government's stimulus, which its entrepreneurs can capitalize on."
The report said that the Asia-Pacific region will replace North America to become the world's largest wealth management market thanks to the booming housing market in Asia, Japan's stock market, and rapid growth in China.
|
|
Top 10 new business leaders in China |
Related Stories
Rich attracted to 'spiritual' values 2014-05-28 06:56
Explosion of riches 2014-05-12 08:12
Calling all billionaires 2013-10-18 08:37
Asia banking on expansion 2014-05-05 07:41
Foreign banks retooling products for Chinese rich 2014-01-03 07:42
Today's Top News
Businesses look forward to visit
Classic Greece lures Chinese
Port a good example of China deal
Greek PM salutes 'a game changer'
Young at heart, and they love art
China's Arctic shipping shortcut
Evacuation plans made for Chinese workers in Iraq
Energy costs to hit $5.7t
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Crackdown on terrorist attacks |
My China Story: Meeting the master |
Long march to end employment bias |
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |