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More families worth more than US$1 million
Last Updated(Beijing Time):2007-10-31 13:34

The number of Chinese mainland families with more than US$1 million worth of financial assets almost tripled in the past five years, according to a report released by the Boston Consulting Group yesterday.

China has had 310,000 such families by the end of last year, a significant jump from the 124,000 in 2001, said the report, according to Xinhua news agency. Financial asset doesn't include real estate or industry properties.

China ranked fifth in the population of millionaires, behind the United States, Japan, Britain and Germany, said the report.

The figure is expected to hit 609,000 by the end of 2011, pushed by the booming economic growth on the mainland, said the report.

The survey covered families in 62 countries and regions whose combined GDP amounted to 96 percent of the global total.

By the end of last year, there were 9.6 million such families in the world. These families, account for 0.7 percent of the world's population, control US$33.2 trillion in financial assets, or 33.9 percent of the world's total.

The growth rate of Chinese families' financial asset in the past five years was also astonishing, said the report.

It was increasing by an average of 23.4 percent each year, while the global figure was 8.6 percent.

The number of mainland families that possessed at least US$5 million worth of financial properties soared to 48,000 last year from 14,000 in 2001. Their share in the country's wealth climbed to 21.1 percent from 13.3 percent.

Source:Shanghai Daily 
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