According to WealthInsight research, there are 7,905 multi-millionaires in China (each with net assets of over US$30 million). Unsurprisingly, Beijing and Shanghai are the top two cities with 1,318 and 1,028 multi-millionaires respectively.
Hangzhou has the 3rd highest number of Chinese multi-millionaires (563 multi-millionaires) followed by Shenzhen (377 multi-millionaires), Guangzhou (311 multi-millionaires), Nanjing (192 multi-millionaires) and then Tianjin (155 multi-millionaires).
Over the four year review period, the number of multi-millionaires in China increased by 41% from 5,590 individuals in 2007 to 7,905 in 2011. Chongqing was the top performing city with multi-millionaire numbers rising by 78% in the city from 54 individuals in 2007 to 96 in 2011. Chengdu was the 2nd best performing city, with multi-millionaire volume growth of 61%.
According to WealthInsight analyst Christopher Rocks: “Chongqing multi-millionaire numbers were boosted by strong growth in the local manufacturing, real estate and transportation sectors”