BEIJING – The world’s most populous country China has four million millionaires now and that is the second-highest in the world after the United States.
According to a new report by the US-based research firm Boston Consulting Group (BCG), one million new millionaires were created in the country last year, the highest increase among all nations.
The United States had seven million millionaire households last year, the most in the world. Japan took third place with one million.
“The increase was driven primarily by the solid market performance of existing assets, both in developed and emerging markets,” BCG’s report said.
The U.S. still had the largest number of millionaires, 7 million (Japan was No. 3), and North America is the richest region, with about $1 trillion in private wealth. But that will probably change by next year’s report, BCG said, when Asia Pacific takes the lead with $57 trillion in private wealth.
Researchers said the boost had been driven mainly by Chinese citizens’ investments in local equities.
BCG defines millionaires as people who have more than $1 million in “cash, stocks, and other financial investments,” but does not include property or businesses in its calculations.
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