Mega rich in Chinese mainland to top combined GDP of S Korea, Taiwan

2013-01-24 09:42:02 GMT2013-01-24 17:42:02(Beijing Time)  SINA English

The net wealth of the mega rich in the Chinese mainland will be greater than the GDP of South Korea and Taiwan combined this year, according to Wealth-X, a Singapore-based company specializing in business development solutions for ultra high net worth individuals.

Wealth-X recently released eight predictions for the Year of the Snake for the ultra high net worth individuals in the Chinese mainland, defined as people with more than US$30 million in investable assets or a disposable income exceeding US$20 million. The mainland had approximately 11,000 people fitting this description in 2012 and this number is expected to grow to 12,250 in 2013.

One of the most eye-opening predictions that illustrates the growing wealth of the country's ultra high net worth population is that their combined net worth will increase by 8% and reach US$1.7 trillion in 2013, more than the GDP of South Korea and Taiwan combined. According to the IMF, in 2011 South Korea recorded a GDP of US$1.1 trillion, while Taiwan had a GDP of just under US$470 billion.

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