China has 4 mn millionaires, says a survey
Advertisement
Advertisement
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
Advertisement
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.
Advertisement
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)
Advertisement
- Don't try this at home! Chandigarh man cooks up ‘diesel paratha’, goes viral for all the wrong reasons
- Cannes 2024: India returns to Palme d'Or stage after 30 years! Aishwarya, Kiara set to steal the spotlight
- Google I/O event today – how to watch and what to expect
- Gold rate today: Latest gold rates in Mumbai, Delhi, Kolkata, Bengaluru, Chennai and other Indian cities
- Tabu to work in Hollywood again, bags pivotal role in international series 'Dune: Prophecy'