China Millionaires To Double By 2025 As America Fades Into Darknes | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

China Millionaires To Double By 2025 As America Fades Into Darknes

Rising wealth in China and the number of millionaires and the middle class is set to increase through the midpoint of this decade as the country grows more affluent and smarter.

HSBC Holdings Plc's new report "The rising wealth of China; Millionaires and the middle class lead the way" predicts a world where millionaires in the country are set to double in the next five years, and the middle class will increase by nearly half.

From an asset manager's point of view, China could be the next hot spot for new clients mainly because the report shows 2 million high-net-worth individuals (HNWIs), those with the equivalent of at least $1.55 million in investable assets, are set to more than double to at least 5 million by 2025.

The bank also estimated the middle-class number (currently at 340 million) would increase by more than 45% to over 500 million in the period.

"The middle class is expanding rapidly too, and the urban homeownership rate is the highest in the world, a remarkable 96%.1 We estimate that total household wealth will grow by more than 50% in the next five years, putting China on a very sound financial footing," HSBC said."