The number of super rich on China’s mainland is expected to rise 16 percent in 2010 thanks to the booming capital and property markets:
The mainland is estimated to have 383,000 individuals of high net worth this year, compared to 331,000 in 2009, according to the China Private Wealth Report 2010 released recently by Forbes China in association with China Construction Bank.
The report defines high net worth individuals as those with at least 10 million yuan (US$1.5 million) in investable assets, which excludes primary residences and assets of poor liquidity.
The number of billionaires on the China’s 400 List by Forbes has ballooned to 128, from 79 last year. Only the U.S. has more–400 on their U.S. Rich List–but China is closing the gap. The total wealth of the 400 people on the new China list rose to $423 billion, from $314 billion a year earlier.
Illustrating the amount of flux in China’s wealth landscape, this year’s 400 list has more than 100 people who were not members last year. Many of those debuted in connection with China’s world-leading IPO fundraising this year. The minimum amount of wealth needed to make this year’s 400 list is $425 million, up from $300 million last year.
