02 Sep '11, 3am

China to be home to half of Asia's richest. The number of millionaires will more than double by 2015

HONG KONG - China's millionaires may account for about half of the rich people across 10 major economies in Asia and hold more than half of the wealth by 2015, according to a study by Julius Baer Group and CLSA Asia Pacific Markets. The millionaires will more than double in number to 2.8 million, with 1.4 million high net worth people in China, according to the report released yesterday that covered China, India, Thailand, Indonesia, South Korea, Taiwan, Hong Kong, Singapore, the Philippines and Malaysia. Mainland Chinese millionaires will hold US$8.76 trillion (S$10.55 trillion) of the US$15.81 trillion that these countries' rich are expected to have, it said. "In terms of the overall amounts of wealth that will increase, it's very much a China story," Mr Stefan Hofer, emerging market equity strategist at Julius Baer, said yesterday at a press conference. China, the world...

Full article: http://www.todayonline.com/Hotnews/EDC110902-0000266/Chin...

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