China Now Has 1.34 Million Multimillionaires

That’s an increase of 130,000 (10.7%) over the past year, Asia News Network reported.

Of the total number, 89,000 are billionaires — 14.1% higher from last year.

Most of this year’s multimillionaires are concentrated in the province of Guangdong with 240,000 people worth more than 10 million Yuan ($1,470,285.00) each, followed by Beijing, Shanghai and Zhejiang province.

But while Guangdong has the overall numbers, Beijing has the highest density of multimillionaires, with 1.1 for every 100 people, according to China Daily.

The report, titled “Going Global: Trends of Chinese High Net Worth Individuals 2016,” also found that most of these multimillionaires are entrepreneurs (55%). The rest are gold-collar workers (20%), real estate investors (15%) and professional stocks investors (10%).

What’s more common in these individuals is their investment in financial portfolios for asset allocation and risk diversification abroad (80.3%).

They also find value in securing and increasing their assets (67.4%), as well as preparing their kids for international study (37.1%).

The report is a collaborative effort of the Hurun Research Institute and China CITIC Bank Private Banking.

As per 2014, data from China’s National Bureau of Statistics puts the country’s total population at 1.368 billion. Both multimillionaires and billionaires reportedly make up the 0.1% of this number.