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Chinanews, Beijing, Oct 19 – Global investment firm Merrill Lynch issued a report about the rich people in Asian-Pacific region. According to this report, by 2006 China had 345,000 rich people, increasing by 7.8% from 2005. The report defines "rich people" as those whose assets have exceeded 100 million US dollars. Their assets do not include houses that they bought for living purpose.
Chinese economy made a robust1 performance last year. As the economy grew, export volume expanded and domestic consumption level also rose. Meanwhile, many Chinese people made a fortune in the stock market. All these made the number of rich people in China and the amount of their wealth climb rapidly, said Liu Changxin, general manager of Merrill Lynch in the greater China region. In 2006, the total assets owned by Chinese millionaires reached 1.7 trillion US dollars, increasing by 8.8% from the previous years. Since last year, as Chinese stock market index rose sharply, the number of millionaires in China has increased rapidly. The amount of wealth of these millionaires has also swelled2. The report shows that 34% of the assets of these millionaires come from stock trading, the most among all types of assets they own. According to this report, China ranks second in the Asian-Pacific region in the number of millionaires. Chinese millionaires account for 13.4% of the total number of millionaires in the Asian-Pacific region and their assets account for 20.6% of the total wealth in the region, only next to Japan. In China, every millionaire owns 5 million US dollars of assets on average, far above the 3.3-million-US-dollar average level in the Asian-Pacific region and also higher than the 3.9-million-US-dollar global average level. Among the 345,000 Chinese millionaires, there are 4,935 who are defined as the "super rich" people, for each of these people's total assets have exceeded 30 million US dollars.
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