China closing in on third place in country rich list

China is on track to overtake Germany and Britain as the country with the third-largest number of people with assets of more than US$30 million within 10 years, a report estimates.

Germany ranked third and Britain fourth last year in terms of ultra high-net-worth individuals. In its ninth year, the report tracks the growing population of the super-rich in 108 cities in 97 economies.

Last year, the United States topped the list with 40,581 people in this wealth bracket, followed by Japan. The two countries are expected to retain the top positions in 2024. Worldwide, there were now 172,850 people with wealth totalling US$20.8 trillion, an increase of US$700 billion from 2013, the Wealth Report, prepared by the research firm WealthInsight, said.

In terms of billionaires, Beijing, Shenzhen and Shanghai were the three mainland cities that made it into the world's top 20 cities for wealth. Over the next 10 years, mainland cities would comprise two-thirds of the top 30 cities, according to the report.

David Ji, head of research and consultancy for greater China at Knight Frank, believes the growth in the number of super rich in China will continue in line with the country's economic rise. He declined to speculate on whether Beijing's anti-corruption campaign would affect the growth in their ranks.