Business / Macro

China's ultra-rich lead global wealth growth

( Updated: 2016-09-28 11:25

China's ultra-rich lead global wealth growth

Windows of boutiques of luxury watches and jewellery in Geneva, Switzerland. [Photo/IC]

China's ultra-rich led the rise in global wealth in 2015, with the fortunes of the nation's richest rising 10 percent despite a slowing economy and stock market fluctuation, the Wall Street Journal reported.

China's ultra high net worth (UHNW) individuals - defined as those with $30 million and above in net assets - accumulated $175 billion of new wealth in 2015, according to a report from research company Wealth-X.

China accounted for nearly 75 percent of total wealth created by global UHNW individuals last year. In terms of population, China's UHNW sector grew by 980 individuals, or 8.9 percent, to 12,050 in 2015, Wealth-X said in the World Ultra Wealth Report 2015-2016.

Although it might create more dollar wealth than any other country, it did not create many new billionaires. The number of China's ultra wealthy people has just risen 5 percent over the last four years, far lower than that of the United States (19.9 percent) and Germany (21.7 percent).

Overall, the world's ultra wealthy population experienced almost flat growth last year as the number of UHNW individuals grew just 0.6 percent and total UHNW wealth increased by 0.8 percent.

There are 212,615 UHNW individuals globally, according to Wealth-X's report. UHNW individuals, who account for just 0.004 percent of the world's adult population, still control 12 percent of its wealth.

UHNW global wealth is expected to reach $46.2 trillion and the UHNW population is expected to exceed 318,000 by 2020, Wealth-X said.

Agencies contributed to this story.

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