Chinese millionaires will account for half of Asia’s rich and hold over half of wealth in Asia (excluding Japan) by 2015, according to a report released Wednesday from Julius Baer and CLSA, Bloomberg reported. China is expected to have 1.4 million high net worth individuals, about half of Asia’s total 2.8 million. Moreover, Chinese millionaires are projected to hold US$8.76 trillion of the region’s US$15.81 trillion of wealth. Some 502,000 new millionaires were created in the country last year, thanks to its fast economic growth. “In terms of the overall amounts of wealth that will increase, it’s very much a China story,” said Stefan Hofer, emerging market equity strategist at Julius Baer. India is projected to rank the second in Asia by 2015 – with 403,000 millionaires and a combined US$2.5 trillion in net worth – followed by South Korea in third.