When going gets tough, rich get richer

Even with the global financial crisis, more people are getting richer in China.

By the end of this year, 320,000 people will each possess at least 10 million yuan ($1.46 million) of assets, up 6 percent from last year, according to a report on private wealth released on Monday by China Merchants Bank and consultancy Bain & Company.

The total assets covered in the report, including cash, stocks, funds, securities and real estate investments, are expected to surpass 9 trillion yuan ($1.29 trillion) this year, up 7 percent from 2008.