Beijing: Ranking third on the worldwide list of millionaire households, the number of millionaires in China grew to 1.4 million last year, up 15.6 percent year-on-year.
China Daily quoted a report by the Boston Consulting Group (BCG) as saying that the number of millionaires in China would keep growing.
They will be driven by the large number of initial public offerings expected in the country and by new wealth generated mainly by entrepreneurs, the report said.
Around 175,000 households joined the ranks of the world's millionaires last year, and most of them were from developing economies, particularly China and India, said the report.
Although the number of millionaire households fell by 182,000 in the US and Japan, the two countries still have the most millionaire households, with 5.1 million and 1.6 million respectively, BCG said.
Emerging economies drove the modest growth in global wealth last year and were the source of most of the world's new millionaires.
Global private wealth growth last year was primarily driven by rapidly developing emerging economies, with total private wealth increasing by 18.5 percent in emerging economies including China, Brazil, India and Russia, and declining by 0.9 percent in North America, 0.4 percent in Western Europe, and 2 percent in Japan, the report said.
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