Source: Luxury Insider
Merrill Lynch Global Wealth Management estimates that 55 millionaires are created every day in China, despite the trying times. The Capgemini and Merrill Lynch World Wealth Report notes that China’s millionaire population actually dropped by some 12 percent in 2008 but the Chinese wealth machine has not hit the brakes.
The daily China millionaire estimate is attributed to Dan Sontag, president of Merrill Lynch Global Wealth Management.
Now in its 13th year, the survey defines millionaires as those with USD1 million or more in investible assets (including real estate). Surprisingly, the USA’s wealthy population was not the worst hit by far, dropping by a mere 19 percent to settle at 2004 levels.
Ah communism. The ideology where capitalism is evil and everyone in the state works equally. Can't believe people were so stupid back then to be duped. There is no equality. The gap between rich and poor in China is so wide now there's no middle class!