Number of rich Chinese grows 23 per cent, and many want to emigrate to the United States
The number of wealthy mainlanders has grown 23 per cent year on year even as the country’s economy slows. For those who want to emigrate, Hong Kong is their most important global city, although the United States is their preferred destination.
By the end of the year, the mainland is expected to have 1.12 million residents with at least 10 million yuan (HK$12 million) of investable assets – compared with 910,000 people at the end of last year.
Their combined investable assets would reach 114.5 trillion yuan – up 7.8 per cent from last year – according to a report compiled by Forbes’ Chinese edition and Beijing-based finance management firm Fu Hua Asset.
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The industries with the most wealthy people were telecommunications, media, technology, finance, and trade, the report said.
Jia Kang, president of the China Academy of New Supply-side Economics, said the growing number of rich mainlanders could be a sign of worsening wealth disparity.
“If the middle class does not expand, it means the income gap is bigger than before,” Jia said.
