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China’s Rich to almost double in next 10 years

According to a report by Knight Frank LLP, the number of Chinese super-wealthy, those who own more than US$30 million in assets (excluding their main residence), will grow by 80 percent over the next decade , Global Times reports.

China will have over 14,200 ultra-wealthy individuals by 2024, which will rank China 13th in the world in terms of the number of multi-millionaires. This would place Hong Kong, Shanghai, and Beijing as third, fifth, and sixth, respectively, as the cities with the most ultra-wealthy people.

The rise of the super-wealthy in China is also driving up the prices of luxury real estate both in China and abroad. In fact, high-end residences in Beijing increased in price 17 percent in 2013 to reach US$17,100 per square foot after only a 2 percent gain in 2012.

So far, the Chinese real estate investments are concentrated in second-tier foreign cities such as Houston, Texas and Birmingham, England. The only thing holding back these investors is a lack of understanding of local property markets and laws, and many of these Chinese investors are looking for foreign partners for assistance in these areas.

China’s ultra-rich consumers REUTERS/Stringer

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