Slowing Growth of “Chillionaires”

Moving out of the fast lane.

Here is a link to a just-released Jing Daily report on Chinese millionaires in 2012. It contains interesting graphs and statistics. Some notable takeaways are as follows:

• The number of new Chinese millionaires grew by only 3% in 2012, the slowest pace in five years.
• There are now over one million “Chillionaires” on the mainland.
• The three cities with the highest number of millionaires are Beijing, Guangdong, then Shanghai.
• The number of super-rich (net worth over $16 million) grew by only 2%. These individuals are mainly concentrated in Beijing.
• Wealth growth happened more quickly in some second tier cities. Tianjin had 11% growth, while Henan had 8%.
• Half of the millionaires made their money through their own businesses. 15% each were from real estate and stock market investing. The remaining 20% were from high-salaried professionals, including bankers. Bravo for entrepreneurialism!