China Now Has 1 Million Millionaries; 20% Property Speculators, 15% Stock Gurus

More signs of the times. China daily reports that there are nearly millionaries in China, more precisely, 960,000 in the mainland.

That is 960,000 with personal wealth of 10 million yuan ($1.5 million) or more. That is up 9.7 percent year-on-year.

However, the reasons are mainly rising property prices and the growing GDP.

• 55 % of Chinese millionaires derived their wealth from private businesses
• 20% are property speculators who have ridden the fast hike in home prices.
• 15% are stock gurus
• 10% are high-earning salaried executives.

That's a lot of volatile, perhaps temporary, earnings in there.

The picture conveys the message. 

"violinist plays at the Haitian Shengyan (Sea and Sky Grand Banquet) Luxury Exhibition for yachts, private planes and other luxurious goods at Sanya, South China's Hainan province, on April 1.

60,000 of the 960,000 millionaires are China's super rich, with 100 million yuan or more in wealth.

Beijing is number one with 10,000 residents with 100 million yuan or more, followed by Guangdong province with 9,000, and Shanghai with 7,800.