BCG: $$$ Millionaires In China Increased By 49% YOY (2013-2014)

[Shotgunner51]

Millionaires control 41% of world's wealth

Millionaires are expected to control nearly half of the world's personal wealth by 2019, according to a new study, suggesting that the wealth gap will continue to widen.

The Global Wealth report from Boston Consulting Group (BCG) said the number of millionaires in the world grew to 17 million in 2014, up from 15 million in 2013. The world's millionaires now control 41 percent of the $164 trillion in global private wealth, up from 40 percent in 2013. The report said millionaires are expected to control 46 percent of the world's wealth in 2019

By far, the U.S. still has the largest number of millionaires. That segment of the population grew by 4.7% last year to 6.9 million. (BCG defines millionaires as households with $1 million in easily monetized wealth—cash, stock and securities, pension funds and other financial assets. Their wealth measurement doesn't include real estate, business ownership and collectible and consumer goods).

China ranked second in millionaire population but had the largest number of new millionaires in 2014. Its millionaire population grew to 3.6 million from 2.4 million in 2014 (a stunning 49% growth), meaning the world's second largest economy added more than half of the world's 2 million new millionaires last year.

Ranking third was Japan, with 1.1 million millionaires, up 4.7% from 2013.

Number of millionaire households (thousands)

Switzerland had the highest concentration of millionaires, or millionaires per capita. Fully 13.5% of Switzerland's population are millionaires.

Bahrain ranked second, with 12.3%, followed by Qatar with 11.6%, followed by Singapore, Kuwait and Hong Kong.

US ranked seventh, with 5.4%

Then Israel, Taiwan and UAE filled the rest of the top 10 spots.

Proportion of millionaire households (%)

 

[powastick]

Top 3 of China richest are from e-commerce.
China Rich List - Forbes

 

[AndrewJin]

If u mean millionaires in RMB, then most Chinese should be....

 

[Shotgunner51]

If u mean millionaires in RMB, then most Chinese should be....

Yeah that's quite true especially when measuring in household. In Shanghai, calling a guy RMB millionaire is actually trolling!

I think the number of millionaire (in US$) households is still far underestimated since a lot of private wealth/equity are hard to track. Anyway it should either has exceeded US now, or soon to be.

However if compared with the wealthiest countries (high % of $ millionaire households) e.g. Switzerland, Singapore or Hong Kong, China is still far behind. A reasonable target for is to achieve Canada's level (i.e. 3%, among world top 15) by end of this decade, with 15M of $ millionaire households.

Let's be rich!

 

[AndrewJin]

Yeah that's quite true especially when measuring in household. In Shanghai, calling a guy RMB millionaire is actually trolling!

I think the number of millionaire (in US$) households is still far underestimated since a lot of private wealth/equity are hard to track. Anyway it should either has exceeded US now, or soon to be.

However if compared with the wealthiest countries (high % of $ millionaire households) e.g. Switzerland, Singapore or Hong Kong, China is still far behind. A reasonable target for is to achieve Canada's level (i.e. 3%, among world top 15) by end of this decade, with 15M of $ millionaire households.

Let's be rich!

Yes, agree.
Most family has much more wealth than expected.

One thing I notice as a railway fan. A couple of years ago, a lot of people complained about prices of bullet trains. Now the case is traditional trains are empty, people even prefer standing in bullet train. I guess it's about people's affordability increases dramatically, and people value time and productivity more.

Today in Wuhan's two HSR stations, Hankou and New Wuhan
See, the hard seat cars on the left were empty

 

[ahojunk]

Now the case is traditional trains are empty, people even prefer standing in bullet train. I guess it's about people's affordability increases dramatically, and people value time and productivity more.

Today in Wuhan's two HSR stations, Hankou and New Wuhan
See, the hard seat cars on the left were empty

In China, are there plans to retire the old trains and just use the HSR?

 

[Shotgunner51]

Top 3 of China richest are from e-commerce.
China Rich List - Forbes

Yup but that was last year. Now Wang Jianlin is #1 in China, he even has surpassed Li Kashing and become #1 richest man in Asia.

Richest Man in Asia: Wang Jianlin Surpasses Li Kashing

Yes, agree.
Most family has much more wealth than expected.

One thing I notice as a railway fan. A couple of years ago, a lot of people complained about prices of bullet trains. Now the case is traditional trains are empty, people even prefer standing in bullet train. I guess it's about people's affordability increases dramatically, and people value time and productivity more.

Today in Wuhan's two HSR stations, Hankou and New Wuhan
See, the hard seat cars on the left were empty
View attachment 249054
View attachment 249053
View attachment 249050 View attachment 249052 View attachment 249051

LOL ... you're true railway fan, you even view wealth of a nation through HSR ticket prices!

Let me give you a $$$ millionaire sample in your Wuhan - Cheng Jing (程晶晶). Born in 1985, she is already owner of a pole dance school (a chain of over 36 outlets), annual income more than one million, and net worth more than 10 mil.

 

[AndrewJin]

In China, are there plans to retire the old trains and just use the HSR?

To retire all is impossible, since there are train services like Guangzhou-Lhasa(4980km, 52h41min) and services on tributary lines which only serve a few people. But at least, the proportion of traditional trains is on the decline with more and more passengers turning to bullet trains. Once a passenger tries bullet train, I'm sure he/she will try everything not to take a traditional train any more.

LOL ... you're true railway fan, you even view wealth of a nation through HSR ticket prices!

And guess what, first class seats on D trains(200-250km/h) are sold out first. I am waiting to see one day first class seats on G trains(300-350km/h) will be sold out first.

 

[ahojunk]

To retire all is impossible, since there are train services like Guangzhou-Lhasa(4980km, 52h41min) and services on tributary lines which only serve a few people. But at least, the proportion of traditional trains is on the decline with more and more passengers turning to bullet trains. Once a passenger tries bullet train, I'm sure he/she will try everything not to take a traditional train any more.

Is there a Guangzhou-Lhasa train service? Or are you referring to the Xining-Lhasa train service?
Yes, for the Qinghai-Tibet railway which is running on diesel, you can't replace them with HSR, at least not yet.

I look forward to the day when the 500 kph HSR replaces the 350 kph and this cascades down to the 250 kph and get rid of all the 200 kph and slower trains. But alas, I think I will have to wait for a while longer, it ain't going to happen soon.

The older slower trains can be sold to the poorer nations who are looking for a cheaper option.

 

[AndrewJin]

Is there a Guangzhou-Lhasa train service? Or are you referring to the Xining-Lhasa train service?
Yes, for the Qinghai-Tibet railway which is running on diesel, you can't replace them with HSR, at least not yet.

I look forward to the day when the 500 kph HSR replaces the 350 kph and this cascades down to the 250 kph and get rid of all the 200 kph and slower trains. But alas, I think I will have to wait for a while longer, it ain't going to happen soon.

The older slower trains can be sold to the poorer nations who are looking for a cheaper option.

There is daily Guangzhou-Lhasa train service, Train Z264, 11:42-16:23(third day).
When I took a train from Lhasa back to Wuhan, I used Z266(Lhasa-Guangzhou).
There is also Shanghai/Beijing/Chongqing-Lhasa train.

Qinghai-Tibet railway which is running on diesel, you can't replace them with HSR, at least not yet.

First phase is not diesel railway(from Xining to Golmud).

And these beautiful railway loops on Qinghai-Tibet has been already replaced by a 32km-long tunnel allowing a speed of 160km/h on 3600m-high plateau.

 

[steelseries779]

please, this thread is about millionaires in China. do not post unrelated things especially trains. there is already a thread for trains.

Your problem is you can relate everything with your HSR And your own story. Please respect other people's opinions, this thread has no relation with trains

 

[Edison Chen]

Developed countries are rather stable, except Canada and Australia, maybe this is due to their encouraging immigrant policy and large numbers of immigrants from Asia-Pacific region, especially from China. I'm not sure about UK. Although their growth rate of millionaire is slower than developing countries, the wealth distribution gap is within the safe line, aka the gini index is low.

 

[Beidou2020]

China is getting richer and the Western propaganda machine is making its brainwashed people believe China is collapsing.

Desperate countries like the US use desperate propaganda to hide its own weakness by pointing fingers at others.

 

[Shotgunner51]

Developed countries are rather stable, except Canada and Australia, maybe this is due to their encouraging immigrant policy and large numbers of immigrants from Asia-Pacific region, especially from China. I'm not sure about UK. Although their growth rate of millionaire is slower than developing countries, the wealth distribution gap is within the safe line, aka the gini index is low.

True.

If you just look at the top 10 (in % of population/household), other than the 4 smaller oil rich GCC countries (Bahrain, Qatar, Kuwait, UAE), the 6 others are mostly smaller but very advanced economies e.g. Switzerland, Singapore, Hong Kong, Israel, Taiwan. USA is a global migrant destination so no surprise.

China isn't a small economy, and neither is an immigrant destination for global millionaires, so China wouldn't be in top 10 in the foreseeable future. While China is pursuing wealthiness, the realistic targets should be

• Get the top cities close to HK/SG level.
• Get the top provinces close to Taiwan level.
• Get the national average close to Canada/UK level
• While doing so, manage to keep a low Gini Index.

To achieve these targets by end of this decade, China government needs to:

• Give more rooms to cities/provinces to make economic policies that fit their needs. Within China, there are different "worlds" of developing stages.
  
• Reduce brain drain as you have mentioned, i.e. wealth drain. I believe this topic is discussed in another thread @AndrewJin
  
• Restructure tax system, and focus on social net building e.g. public housing, public education & public medical.
• Continue to deepen market reform especially in financial sector. SOE back out from competitive commodity economy, and focus on strategic/infrastructure.
  
• Internationalization of RMB.
• ...

 

[ahojunk]

For every 1,000 Chinese, there's a multimillionaire
2016-11-08 14:33 | chinadaily.com.cn | Editor: Xu Shanshan


It's not as hard as you might think to bump into a multimillionaire in China these days.

The Chinese mainland is home to 1.34 million multimillionaires as of May this year, increasing by 130,000 people with a 10.7 percent growth rate, according to a recently released Hurun report.

Given the national population was 1.368 billion at the end of 2014, based on National Bureau of Statistics, multimillionaires, including billionaires, now make up 0.1 percent of the total population of China.

That means for every 1,000 Chinese, there is one multimillionaire.

The number of billionaires has reached 89,000, an extra 11,000 or a 14.1 percent increase compared to last year.

Guangdong province is now home to the most number of multimillionaires, replacing Beijing with 240,000 people.

More than half of all multimillionaires are located in Guangdong, Beijing, Shanghai and Zhejiang.

But where do we have the best chance to meet one?

Based on the permanent resident population compared to the number of multimillionaires in those regions, Beijing is in top spot with 1.1 multimillionaires per 100 residents, followed by Shanghai, Jilin and Zhejiang, according to the National Business Daily.

The report shows multimillionaires prefer and tend to increase their overseas investment, where foreign exchange is one of the most common financial investment products.

The foreign exchange brings investors an 11 percent yield rate as the RMB declined 11 percent in value against the dollar from last June to May this year.

Investors are also fond of overseas insurance investment with 45 percent purchasing insurance products.