Mainland millionaires on the rise
The number of mainland Chinese families with over US$1 million in financial assets has tripled over the past five years, the Oriental Morning Post reported, citing a report by the Boston Consulting Group. Financial assets do not include real estate. Mainland China had 310,000 such families at the end of last year, and the group forecast the number would hit 609,000 by the end of 2011. The financial assets of Chinese families have grown 23.4% over the past five years, compared to an average growth of 8.6% globally. The number of mainland Chinese families with over US$5 million in financial assets reached 48,000 at the end of last year.