Millionaires in China to double by 2025, says HSBC
Number of wealthy individuals expected to increase to 5-million in next five years
21 May 2021 - 10:33
China will more than double the number of millionaires in the next five years and boost the size of the middle class by almost half, spurring consumption in the economy, according to HSBC Holdings.
The number of wealthy individuals — those with the equivalent of at least 10-million yuan ($1.55m) in investable assets — is likely to increase to 5-million by 2025 from more than 2-million now, the bank estimated. The middle class, which numbers about 340-million based on the narrowest definition, will grow by more than 45% to more than 500-million in the period, it said...
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