China has 960,000 millionaires and counting

[Pakchina]

From economictimes:
BEIJING: China has a mind-boggling 960,000 millionaires, said an annual wealth report that noted it was a jump from 825,000 millionaires two years back.

The 960,000 millionaires have personal wealth of 10 million yuan or more, the China Daily reported. Of them, 60,000 are considered super rich with 100 million yuan or more in wealth, up 9% year-on-year. The GroupM Knowledge-Hurun Wealth Report 2011 said that it is up 9.7% year-on-year.

The report said that rising property prices and a rapidly-growing GDP have led to an increase in the number of Chinese millionaires. As many as 55% of Chinese millionaires got their wealth from private businesses, while 20% were property speculators. About 15% are stock experts and 10% are high-earning executives, China Daily said.

In 2009, there were 825,000 millionaires while last year the number went up to 875,000. The media report said that housing prices went up in the country by 13.7% in 2010 and luxury property prices rose even faster.

"The overall confidence of China's millionaires in the property sector and China's overall economy remains very high," Rupert Hoogewerf, chairman and chief researcher of Hurun Report, was quoted as saying.

 

[hamtaro]

Having many millionaires is actually a bad thing.

 

[blackops]

Having many millionaires is actually a bad thing.

Why are you talking about the income difference

 

[hamtaro]

Yes, too much wealth in the hands of so few(compared to the 1.5bn chinamen).

 

[ephone]

Yes, too much wealth in the hands of so few(compared to the 1.5bn chinamen).

Are you ignorant or what? You do not know there is a word called "Chinese" that should be used in your sentence???

 

[milvipes]

Are you ignorant or what? You do not know there is a word called "Chinese" that should be used in your sentence???

I'll give him the benefit of doubt for this time, but if he does so again, we should report him.

 

[Tractor]

I'll give him the benefit of doubt for this time, but if he does so again, we should report him.

What's the matter with 'chinamen'?

 

[ChineseTiger1986]

Those appear in the list are some dead cats in fact.

 

[hamtaro]

didnt know this word was offensive

 

[ChineseTiger1986]

didnt know this word was offensive

Chink is offensive, but Chinamen is an equivalence of Yankee imo.

 

[below_freezing]

"We will never have millionaires."

"If we have a polarized society, that means reform has failed."

- Deng Xiaoping

I love my country, but hate the corruption.

 

[Hafizzz]

Yes, too much wealth in the hands of so few(compared to the 1.5bn chinamen).

Why are you using the racist slur "Chinamen" ?

Would you be happy if Chinese members here use the slur "GermanyMen" to address you ? (assuming you are German)

 

[milvipes]

It could be worse. A far worse scenario would be to have only a handful of billionaires, these happen to be the richest people of the world, while the per-captia GPD stays at a miserable $1,000.
Confucianism has ensured some form of socio-economic justice throughout the Far East, so I don't think inequality in China will get out of hand like some of its neighbors.

 

[below_freezing]

It could be worse. A far worse scenario would be to have only a handful of billionaires, these happen to be the richest people of the world, while the per-captia GPD stays at a miserable $1,000.
Confucianism has ensured some form of socio-economic justice throughout the Far East, so I don't think inequality in China will get out of hand like some of its neighbors.

Our Gini Index has reached 50, which is probably what it was in 1930's. It is just that technology and society have advanced, so no one starves to death or doesn't have clothes to wear. This is an exciting time of opportunity but also a dangerous time with many pitfalls.

 

[scuthan]

if you have a apartment in Shanghai, you are almost a millionaire in terms of USD...