MOSCOW (Sputnik) — The number of Chinese individuals with a net worth of at least 10 million yuan ($1.47 million) expanded almost 900 percent in the last decade to 1.58 million in 2016, a report on private wealth in China, released on Tuesday, showed.
"The number of Chinese individuals with net worth of at least 10 million yuan expanded to 1.58 million in 2016, almost 900 percent of the figure in 2006, which stood at 180,000," the 2017 China Private Wealth Report, released by Bain Consulting and China Merchants Bank on Tuesday, said.
The number of rich Chinese individuals is concentrated in five regions, including the Guangdong province, Shanghai, Beijing, the Jiangxu province and the Zhejiang province, accounting for about 47 percent of the national total. The value of their total wealth accounted for about 62 percent of the overall value of the high net wealth individuals covered in the report.