Chinese wealth shifts inland, BCG report shows

The number of millionaires in China’s inland areas is growing faster than that of Beijing and the other coastal regions where wealth has traditionally been concentrated, Bloomberg reported, citing a report released Thursday by Boston Consulting Group and China Construction Bank (0939.HKG, 601939.SH). The number of high net worth households in Anhui, Gansu and Hunan provinces will climb by more than 30% in 2012, the report said. This compares to nationwide growth in the number of millionaires of 17%, down from 30% in 2011. China is looking to expand its western regions through policy incentives and investing in projects from high-speed rail to eco-tourism, and private companies are moving production inland to take advantage of lower costs. “Provinces with large populations and sizeable private wealth will represent significant growth potential, such as Anhui, Hunan, Hubei, Sichuan, Shandong and Shaanxi,” the report said.