China's ultra-rich lead global wealth growth
Updated: 2016-09-28 11:25
(chinadaily.com.cn)
|
|||||||||
Windows of boutiques of luxury watches and jewellery in Geneva, Switzerland. [Photo/IC] |
China's ultra-rich led the rise in global wealth in 2015, with the fortunes of the nation's richest rising 10 percent despite a slowing economy and stock market fluctuation, the Wall Street Journal reported.
China's ultra high net worth (UHNW) individuals - defined as those with $30 million and above in net assets - accumulated $175 billion of new wealth in 2015, according to a report from research company Wealth-X.
China accounted for nearly 75 percent of total wealth created by global UHNW individuals last year. In terms of population, China's UHNW sector grew by 980 individuals, or 8.9 percent, to 12,050 in 2015, Wealth-X said in the World Ultra Wealth Report 2015-2016.
Although it might create more dollar wealth than any other country, it did not create many new billionaires. The number of China's ultra wealthy people has just risen 5 percent over the last four years, far lower than that of the United States (19.9 percent) and Germany (21.7 percent).
Overall, the world's ultra wealthy population experienced almost flat growth last year as the number of UHNW individuals grew just 0.6 percent and total UHNW wealth increased by 0.8 percent.
There are 212,615 UHNW individuals globally, according to Wealth-X's report. UHNW individuals, who account for just 0.004 percent of the world's adult population, still control 12 percent of its wealth.
UHNW global wealth is expected to reach $46.2 trillion and the UHNW population is expected to exceed 318,000 by 2020, Wealth-X said.
Agencies contributed to this story.
Related Stories
Guangdong overtakes Beijing as region with largest super-rich population: report 2016-08-16 16:22
World's top 10 cities with most millionaires 2016-08-05 07:58
More wealthy Chinese demands global asset allocation: report 2016-06-23 14:56
Chinese billionaire expected to top world's rich list: report 2016-05-18 10:35
Today's Top News
Russia unveils Syria truce deal with US
Poll suggests Clinton winner of 1st presidential debate
Top official: China goes beyond its own interests
Russian ice creams hot in China
Renminbi use surges in London in spite of Brexit
The meeting of Two Pagodas in Kew Gardens
Kids in tow, Prince William starts Canadian tour
Dancing and drinking during Munich Oktoberfest
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |