Fast growth of economy fuels rise in wealthiest

According to an annual wealth report released on Tuesday, the mainland has 960,000 millionaires with personal wealth of 10 million yuan ($1.5 million) or more.

That is up 9.7 percent year-on-year, said the GroupM Knowledge – Hurun Wealth Report 2011.

Rising property prices and a fast-growing GDP have been the key drivers for the rising number of Chinese millionaires, according to the report.

It found that 55 percent of Chinese millionaires derived their wealth from private businesses, and 20 percent are property speculators who have ridden the fast hike in home prices. About 15 percent are stock gurus, while the remaining 10 percent are high-earning salaried executives.

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