How China's millionaire crowd stacks up against America's, in wealth, spending, and how they made their fortunes

Matthew LohFeb 22, 2023, 14:31 IST

A Chinese businesswoman stands in a Gulfstream G150.MARK RALSTON/AFP via Getty Images

China has far fewer millionaires than the US, despite having more than four times as many people.
But the size of its high-net-worth crowd has surged nearly ten-fold in the last two decades.

China has 780,000 millionaires, while the US has nearly 7 times that.

A boss organized a two billion RMB (about 314 million USD) group of over 20 luxury sports cars including Lamborghini LP700 and limited edition Benz cars to promote the opening of a resort on September 12, 2015 in Changsha, Hunan Province of China.Visual China Group via Getty Images/Visual China Group via Getty Images

At least 30% of China's millionaires are entrepreneurs, compared to 15% in the US

Jack Ma, arguably China's most renowned entrepreneur in the last decade, attends a seminar in Fuzhou in 2020.Lyu Ming/China News Service via Getty Images

Many of China's wealthy got rich recently — its high-net-worth crowd has grown nearly ten-fold since 2000.

Bian Lichun (C), founder of the Liucundao Business School, sorting luxury clothes with students during a home organising class in Beijing.NOEL CELIS/AFP via Getty Images

America's rich love collectible cars and art, but Chinese millionaires haven't picked up the same interest.

People choose gold ornaments for the Year of the Rabbit at a gold shop in Renhuai City, Southwest China's Guizhou Province, Jan 4, 2023.CFOTO/Future Publishing via Getty Images

Thousands of millionaires are fleeing China, while the US saw a staggering drop in millionaire growth in 2022.

Chinese President Xi Jinping speaks during a news conference, displayed on a television screen at a shopping area on June 30, 2022 in Hong Kong, China. Hong Kong will celebrate the 25th anniversary of its handover from Britain to China on July 1.Anthony Kwan/Getty Images

Photos show the eerie parallels between the Ohio train derailment and a Netflix movie which was filmed in the state the year before

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