China has 4 mn millionaires, says a survey
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One mn new millionaires were added in the world's second-largest economy last year, the highest increase among all nations, AFP reported, citing the US-based research firm
Further, the third place was occupied by
Growth in private wealth in China was driven mainly by
The benchmark
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The rise in the value of existing assets accounted for 76% of the region's growth in private wealth, it added.
China had 1,037 households with over $100 mn in net worth, around one fifth of the United States' 5,201 but the second-largest in the world, the report said.
Forbes said in an April report that mainland China was estimated to have a record 400 billionaires and billionaire families thanks to "a rally in stock prices".
A yawning income gap has become a rising concern in the world's most populous country, where the official Gini coefficient stood at 0.469 last year.
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The figure is a commonly used measure of income inequality, with 0 representing perfect equality and 1 total inequality. Some academics view 0.40 as a warning signal. Analysts say that official corruption connected with government control of the economy, the state monopoly of some industries and a lack of social security for migrant workers are among reasons for the country's income imbalance, according to a report earlier this year by the People's Daily, the ruling
(Image: Indiatimes)
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