China's economy may be coming off the boil, but the country continues to churn out millionaires at an impressive clip, with the number of high net worth individuals (HNWI) doubling between 2010 and 2014.
The country's HNWI population, defined as those who have individual investable assets in excess of 10 million yuan ($1.6 million), exceeded 1 million last year – twice that in 2010, a new report by Bain & Company and China Merchants Bank published on Thursday showed.
"The accelerated growth of innovative industries is driving the emergence of a new HNWI segment, the 'newly rich' – young Chinese citizens who have rapidly accumulated their wealth and transitioned to HNWI status in the last few years," the report said, citing industries such as IT, biotechnology and alternative energy.
"As a result, the HNWI population is now more diversified, encompassing both entrepreneurs who opened factories decades ago, as well as younger professionals in the technology sector and other emerging industries," it added. In China, 80 percent of HNWIs are under the age of 50.
In a survey of 2,800 HNWIs featured in the report, 36 percent said they expected to increase their investments in such "innovative" sectors. While, less than 10 percent had plans to up their investments in more traditional manufacturing businesses.
Where China's wealthy resides
The majority of China's HNWI population resides in seven provinces – Guangdong, Shanghai, Beijing, Jiangsu, Zhejiang, Shandong and Sichuan, the report showed.
The southern province of Guangdong, which is a major export-manufacturing hub, is the first to have more than 100,000 HNWIs.