China now has more than one million millionaires, as savings and a strengthening renminbi helped increase the number of millionaire households by 31% in 2010 from a year earlier, Bloomberg reported, citing a Boston Consulting Group survey. The number of millionaire households in China hit 1.11 million – ranking it third behind the 5.22 million in the US and Japan’s 1.53 million, according to BCG. However, with wealth in privately-held businesses and property not included, Tjun Tang, a partner at BCG in Hong Kong and one of the report’s co-authors, said that the survey “grossly underestimates true overall wealth” on the mainland.
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