The number of millionaires in China has crossed a record million mark. This is for the first time in a Communist nation to get such as feat. With this achievement, the Peoples Republic of China has joined the elite club of the wealthy nations like US and Japan. The elite millionaires group in China includes 63,500 billionaires. These are revealed by Hurun Report, a Chinese event and publishing group. The report also compiled the list of rich people in China.
According to the Hurun Report, of these million odd wealthy individuals of China, 84 per cent of the millionaires are concentrated in the eastern, northern and southern regions of the country. Beijing has the most number of rich people at 1.79 lakh millionaires. The cited reasons for the growing millionaires in are rising property prices and GDP. The fast growing gross domestic product (GDP) helped increase the number of wealthy Chinese in 2011.
The Hurun Report was founded by Rupert Hoogewerf. This is a magazine best known for its China Rich List. It is a ranking of China's wealthiest persons. The growing numbers of millionaires in China is also contributing to the growth of luxury products in China. For most luxury brands, the Chinese luxury consumer is now Number One for many luxury products and brands. The reform process in China has secured China the position of world's second largest economy.