Number of millionaires in China close to a million: Report

According to an annual wealth report the number of millionaires in China has jumped from 8.25lakh two years back to 9.6 lakh.

The China Daily reports that the 9.6 lakh millinaires have personal wealth f 10 million yuan ($1.5 million) or more.

Of the 9.6 lakh millionaires, 60,000 are considered to be super rich with ¥100 million or more in wealth, up 9 per cent year-on-year. The total population of the country is 1.34 billion.

According to the GroupM Knowledge-Hurun Wealth Report 2011 report, rising property prices coupled with a rapidly growing GDP had led to a rise in the number of Chinese millionaires.

As many as 55 per cent of Chinese millionaires made their wealth from private businesses while 20 per cent are property speculators with around 15 per cent being stock experts. The balance 10 per cent are highly paid executives, according to China Daily.

In 2009, there were 8.25 lakh millionaires while in 2010, the number went up to 8.75 lakh .