Millionaires club gets bigger in China

SHANGHAI: China now has 825,000 individuals possessing wealth of more than 10 million yuan, including 51,000 people with more than 100 million yuan, according to luxury publishing group Hurun Report.

"One person out of every 1,700 in the country has a wealth of 10 million yuan, which is far beyond our expectations, if compared with one in 100 in the United States owning $10 million, and one in 150 in the United Kingdom having 10 million pounds," said Rupert Hoogewerf, chairman of the company known for the annual Hurun Rich List of Chinese tycoons and entrepreneurs, yesterday.

According to the report, Beijing tops the list with 143,000 individuals with more than 10 million yuan, including 8,800 owning over 100 million yuan, followed by Guangdong province with 137,000 and Shanghai with 116,000.