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Number of mainland multimillionaires hits 825,000

(Xinhua)
Updated: 2009-04-15 21:12

SHANGHAI - More than 825,000 people in China's mainland are multimillionaires, according to the Hurun wealth report released on Wednesday.

Among the wealthy, 51,000 have more than 100 million yuan, said the report.

Related readings:  Number of multimillionaires may hit 320,000 in '09  McKinsey: More rich in China by 2015  When going gets tough, rich get richer

It was the first report of its kind drafted by British man Rupert Hoogewerf, who has been compiling China's rich list since 1999.

According to the new report, the number of wealthy people with more than 10 million yuan in Beijing, Guangdong and Shanghai made up nearly half of the total.

Beijing, with a population at more than 16 million, boasts the highest number of millionaires -- at around 143,000.

The capital was followed by south China's Guangdong province, where the number of 10-million tycoons reached 137,000. The business hub of Shanghai has 116,000 such wealthy people.

The report showed that average age of the millionaires was 39, and those people fell into four categories: businessmen, those with high-profile jobs such as celebrities, those who earned money from housing trades and professional stock investors.