Rupert Hoogewerf, the renowned publisher of Hurun Report and analyst of Chinese wealth list

Statistics show that Beijing ranked first among Chinese cities in terms of multimillionaire density, with 1.1 out of 100 citizens owning assets worth over 10 million RMB in 2016.

According to "Going Global: Trends of Chinese High Net Worth Individuals 2016," a report issued by Hurun Research Institute on Nov. 5, there were approximately 1.34 million multimillionaires in mainland China by May 2016, 130,000 more than existed last year. Among them, 11,000 grew their assets to over 100 million RMB in 2016, bringing that total figure up to 89,000.

Multimillionaires accounted for 0.1 percent of China's total population of 1.368 billion by the end of 2014, as indicated by data from the National Bureau of Statistics. In other words, one in 1,000 Chinese citizens is now a multimillionaire.

In 2016, Guangdong province outnumbers Beijing in multimillionaires, with 240,000 people owning assets worth over 10 million RMB. Beijing ranked second on the list, followed by Shanghai and Zhejiang. The 843,000 multimillionaires in these four regions account for 63 percent of all multimillionaires in the country.