According to Reuters, citing a forecast by Credit Suisse, the number of Chinese millionaires is anticipated to quadruple by 2026, despite Beijing's national effort to reduce wealth inequality and a severely weakening economy.
In 2021, the total wealth of Chinese households reached $85.1t, rising 15.1% or $11.2t from 2020.
In recent years, Beijing's official language around 'shared prosperity' has drastically increased, and a crackdown on excesses in fields such as technology and private education has alarmed investors.
China's millionaire population climbed by more than a million between 2020 and 2021, while the global total increased by 5.2 million. In five years, this number in China is projected to quadruple to 12.2 million.
Even though the world's second-largest economy narrowly escaped contraction in the second quarter due to widespread COVID-19 lockdowns and a collapsing housing market, the outlook for China's wealth growth remains optimistic.
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