SHENZHEN, China, June 18 (UPI) -- There were 236,000 Chinese citizens with at least $1 million in financial assets, excluding their homes, says the 2004 World Wealth Report.
The Shenzhen Daily reported Friday the report, issued by Merrill Lynch and Capgemini, said China enjoyed the sixth fastest growth rate in the world for the number of High Net Worth Individuals, defined as those with at least $1 million in financial assets, excluding their homes.
Hong Kong had the greatest growth with a 30 percent increase during 2003, which Merrill Lynch attributed Hong Kong's increase to the booming Chinese economy.
Xinhua, China's main government-run news agency said the growing number of millionaires in China's mainland has resulted in the opening of luxury stories such as Gucci, Rolex and Louis Vuitton.
However, despite China's growth in millionaires, it's number of wealthy citizens are still relatively small in number compared to the United States, which was home to 2.3 milliona super-rich in 2003.
