Alibaba's founder and CEO Jack Ma, China's wealthiest man, was born in Zhejiang, a province in the country with over 50,000 rich citizens. (Photo : Google)
China's wealthy citizens increased to 1.04 million in the latter part of 2014, as innovative industries like information technology (IT), biotechnology and alternative energy upsurge in the Chinese market.
According to a study gathered by Bain & Co. and China Merchants Bank (CMB), a consulting firm in China that measures the country's private wealth market as well as the investment attitudes of high-net-worth individuals (HNWIs) through statistical modeling, wealthy citizens have an investable asset of over 10 million yuan ($1.6 million) each, adding that about 80 percent of them are under 50 years old.
Since 2010, the country's wealthy people have doubled, the firms reported through their published China Private Wealth Report.
From 2012 to 2014, China's investable assets have grown to 16 percent annually, amounting to 112 trillion yuan last year and is expected to reach 129 trillion yuan this year, the report added.
Alfred Shang, a partner at Bain and co-author of the report, told Shanghai Daily that the innovative sectors have helped to fuel China's economy and advance its innovation.
“Among the newly rich, we’re seeing a more aggressive investment style, openness toward alternative investments, and increased focus on wealth creation, second only to wealth preservation as their primary wealth management objectives,” Shang added.
According to the report, Guangdong, a province on the South China Sea coast of the country, holds the most number of wealthy citizens, with over 100,000 in the list.
China's capital city of Bejing, on the other hand, along with Shanghai, the provinces of Jiangsu, Zhejiang, Shandong and Sichuan, have more than 50,000 wealthy citizens.
