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China creates 40000 newmillionairesRobert Frank | robtfrank2 Hours Ago

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China created 40000 new millionaires in 2013 bringing the total to 109million according to a new study

The growth of 38 percent is a bit of an improvement from last years 3percent gain But its still only about half the growth rate of 2010 and 2011suggesting that Chinas economic slowdown and the governmentscrackdown on corruption is slowing its millionaire manufacturing machine

According to the Hurun Research Institute the number of people in Chinawith personal wealth of 10 million yuanmdashor $16 millionmdashin mainlandChina reached 1090000 up from 1050000 in 2012 The number ofpeople in China worth 100 million yuan or $16 million increased by 2500people to 67000

Feng Li Staff | Getty Images

A Prada store in Beijing

The slower millionaire growth comes as sales of high-end luxury goods inChinamdasheverything from watches and wine to handbags and Lamborghinismdashhave also cooled But Rupert Hoogewerf chairman and chief researcher

WEALTH MILLIONAIRES amp BILLIONAIRES LUXURY PHILANTHROPY MILLIONAIRE SURVEY

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of the Hurun Report said this years millionaire growth was still solid

Read More rsaquo Top cities for multimillionaire second homes

Although we have been seeing a slowdown in spending the money is stillvery much there he said in the report

Read More rsaquo China the perfect fit for Londons $6000 tailors

The report said 55 percent of the millionaires are private business ownersOne in 5 are senior executives at large companies and 15 percent arelisted as real-estate investors Only 10 percent are described asprofessional stock market investors or those whose main source ofincome is stocks and financial investments

Beijing and Guangdong have the most millionaires with 192000 and180000 respectively followed by Shanghai with 159000 Yet Shanghaihad the fastest growth of millionaires adding 12000 millionaires in 2013Beijing and Guangdong each added 8000 millionaires and Shenzhenadded 4000

Read More rsaquo Cities with the most millionaires per capita

Estimating peoples private wealth in China is a difficult task given the lackof transparency and unreported wealth and income Hurun Report said ituses a bottom-up and top-down approach looking at sales of high-endreal estate sales volume of luxury cars income-tax returns the registeredcapital of companies and other high-end consumer indicators It also usesmeasures of gross domestic product and gross national product

mdashBy CNBCs Robert Frank

Robert FrankCNBC Reporter and Editor

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