Number of rich Chinese mainlanders grows 23% YoY
Even as China's economy slows, the number of wealthy mainlanders has increased 23% YoY. This sees the 1.12 million mainland residents have at least 10 million yuan ($12m) of investable assets. However, Jai Kaing, President of the China Academy of New Supply-side Economics believes that the growing number of rich mainlanders could be an indication of an increasing wealth disparity. “If the middle class does not expand, it means the income gap is bigger than before,” said Kaing. 

Two performers dress as the Chinese god of wealth at RTHK Lunar New Year Celebration in Kowloon Tong. Wealthy Chinese see Hong Kong as the most important global city. Photo: Jonathan Wong