Global Wealth Report/Credit Suisse
According to a recent report by Credit Suisse, China hosts about 18 percent of millionaires in the Asia-Pacific Region.
China has been reported to have "over one million millionaires, and more residents with wealth above $50 million than any other country except USA." The number of Chinese millionaires is expected to double by 2019.
Internet-based companies have been influential in the increasing number of rich people in China. Five of the many Chinese millionaires are involved in internet ventures.
Chairman and founder of Alibaba Group, Jack Ma, is the richest person in China and listed by Forbes as the 37th richest people in the world. Alibaba Group is the largest e-commerce company in the country.
China ranks third to the U.S. and Japan in terms of having citizens listed in the world's richest 10 percent population.
The report said that China may frog-leap to surpass Japan by 2019, with the estimated total household wealth expected to increase in the next five years to about $36 trillion. During this period, Japan is expected to reach only about $28.8 trillion.
From 2000 to 2014, China's total wealth grew by 125 percent globally and 359 percent domestically, said the report.
Credit Suisse is a global financial services company that provides research reports on global wealth. The company's 2014 report noted that, despite the challenging economic environment these days, the total global wealth had increased by $20.1 trillion over the year.
