Chinese household wealth is expected to post roaring growth over the next five years, with an increase of around USD$10 trillion to hit $39 trillion by 2022.
Credit Suisse’s latest Global Wealth Report said that this surging growth in household wealth is set to dramatically expand the ranks of China’s nouveau riche.
It predicts that the number of millionaires in China could surge by 41% to hit 2.7 million by 2022, making it the nation with the third largest number of millionaires after the United States and Japan.
China is also likely to account for nearly 30% of the more than 700 billionaires that are expected to emerge over the next five years, bringing the global total to nearly 3000.
According to the report robust growth in Chinese household wealth is being drive by gains in asset prices, especially in the country’s equity and real estate markets.