Countries with most millionaires, 2013
HNW Millionaires in China
> Ultra-high net worth population: 10,675
> 1-yr. change: -5.1%
> 2012 GDP per capita: $9,162
> 2012 population: 1.3 billion
> 2012 GDP: $12.6 trillion
The number of ultra-wealthy Chinese residents fell by 5% between 2012 and 2013. This coincided with large declines in the number of ultra-high net worth residents in several of China’s large cities. The country’s economic growth has slowed recently, and it is projected to continue down that path. China is now under new leadership, however, and President Xi Jinping has pledged to rebalance the Chinese economy by increasing consumer spending. A 2012 Bloomberg News series, “Revolution to Riches,” noted that many of China’s very wealthy citizens and leaders, including Xi Jinping, are “princelings,” or well-connected relatives of past leaders in China’s communist party.