China is fourth in global wealthy ranks
China is fourth in the global ranking of US dollar millionaires following the United States, Japan and Germany, which together account for 60 percent of global millionaires, said France-based Capgemini and the Royal Bank of Canada.
The number of people with at least $1 million in liquid assets in China reached about 750,000, compared to 4 million in the US, Japan’s 2.3 million and Germany’s 1.1 million, according to the survey.
China and Japan, the only two Asian countries that made it into the top five, contribute the most to Asia’s growing wealth pool, which took experts by surprise due to the economic slowdown in both countries.
The report said that the AsiaPacific region will replace North America to become the world’s largest wealth management market thanks to the booming housing market in Asia.