China added a million new millionaires last year


The world has about 17 million millionaires, as counted in U.S. dollars, and 4 million of them are in China, according to a report released Monday by Boston Consulting Group (BCG). China's numbers are more impressive because a year ago it had about 3 million millionaires. The number of Chinese households with more than $1 million in private cash, stocks, and financial investments (not counting real estate or luxury goods) ballooned mostly because of the 38 percent jump in China's stock market, BCG said.
That's true in more than just China, too. "The increase was driven primarily by the solid market performance of existing assets, both in developed and emerging markets," BCG's report said. The U.S. still had the largest number of millionaires, 7 million (Japan was No. 3), and North America is the richest region, with about $1 trillion in private wealth. But that will probably change by next year's report, BCG said, when Asia Pacific takes the lead with $57 trillion in private wealth.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
An ingredient in Coca-Cola may be funding Sudan's war
Under the Radar Global trade in gum arabic centres on the African nation – and proceeds bankroll conflict between the army and paramilitary rebels
By Harriet Marsden, The Week UK Published
-
Homes for multi-generational families
Feature Featuring a 1900 Jacobean-style mansion in Massachusetts and a 22.5-acre compound in California
By The Week US Published
-
The Week contest: Foot PSA
Puzzles and Quizzes
By The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published