China has 4,50,000 millionaires: Study

Beijing, Nov 20: Despite global economic downturn, the personal wealth of the rich in China has continued to expand crossing 4,50,000 by the year-end 2009, a new study report said.

According to Boston Consulting Group (BCG) report, millionaire households represented only about 0.1 percent of all households in China, but held nearly half of the total wealth.

Most of them are located in Guangdong, Beijing, Shanghai and other coastal provinces.

Frankie Leung, managing director of BCG, said, "China is arguably the most explosive wealth market in the world, as rising income and a high savings rate will continue to spur development."

He expected the number of millionaires in China to reach 800,000 over the next four years.

OneIndia News