"China now fifth in millionaire race" is how state media announced the results of a new survey by Merrill Lynch and Capgemini that revealed China now has 415,000 U.S. Dollar millionaires – having leapfrogged France in the past 12 months. Clearly, for China, it is becoming a matter of pride to top the wealth league – though it has some considerable way to go to catch the United States.
According to the survey, China experienced the second-largest expansion
in population of high-net-worth individuals (HNWI), rising 20.3 per
cent in 2007, an increase "fuelled by market capitalisation growth of
291 per cent and real GDP growth of 11.4 per cent."
But while market capitalisation and real GDP growth rates were higher
in China than India, the report adds, India's HNWI population grew
faster. The report suggests that as market capitalisation and real GDP
in China were spread over a larger population, there were smaller per capita gains in China.
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