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Inland areas 'catching up'

By HU YUANYUAN  (China Daily)

10:03, January 14, 2013

Millionaires increasing investments in gold, 10-carat diamonds and art

The total value of private investable assets in China reached more than 73 trillion yuan ($11.6 trillion) in 2012, up 14 percent on the previous year, according to a recent report by Boston Consulting Group and China Construction Bank Corp.

By the end of 2012, the number of Chinese high-net-worth individuals (HNWI) — those with investable assets of more than 6 million yuan — will reach 1.74 million, an increase of 17 percent from the end of 2011. That growth, however, is much slower than the 38 percent growth from 2009 to 2011, according to the report.

At present, HNWI in China are still concentrated in the economically developed southeast coastal region. The number of HNWI in Guangdong, Beijing, Shanghai and Jiangsu is more than 100,000.

But under-developed inner land provinces are catching up and have become a new growth point. The number of high-net-worth households in Anhui, Gansu and Hunan provinces, for instance, was expected to increase by more than 30 percent in 2012, higher than the national average and that of first-tier cities.

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