China now has the second-highest number of millionaires in the world, according to a new report. That puts it firmly in second place — right behind the U.S.
China recorded 2,378,000 millionaires in 2013, compared to the U.S.’ 7,135,000 millionaires, according to Boston Consulting Group’s 2014 Global Wealth Report. China’s millionaire growth skyrocketed last year, shooting up 82% from 2012. To put that in perspective, the U.S. only grew 18% during the same period.
China’s staggering growth accompanies a nearly 50% increase in the country’s private financial wealth, which includes bank deposits, securities and pension funds but excludes luxury goods and real estate. BCG credited this growth to China’s growth in its “shadow banking” sector, wherein credit is exchanged through alternative financiers.
China and the Asia-Pacific (excluding Japan) are driving an overall increase in global private financial wealth, despite the U.S. continuing to post high numbers. The region boasts $37 trillion, or 24%, of the world’s $152 trillion in private wealth.
At current growth rates, the Asia-Pacific is expected to surpass Western Europe in 2014 as the world’s second-wealthiest region, trailing behind North America.
- Florence Pugh Might Just Save the Movie Star From Extinction
- Why You Can't Remember That Taylor Swift Concert All Too Well
- What to Know About the History of the Debt Ceiling
- 10 Questions the Succession Finale Needs to Answer
- How Four Trans Teens Threw the Prom of Their Dreams
- Why Turkey’s Longtime Leader Is an Electoral Powerhouse
- The Ancient Roots of Psychotherapy
- Why Rich People Aren't Using Phone Cases
