China Mints 1 Million Millionaires

The world’s most populous country gained as many as one million millionaires last year, according to a Boston Consulting Group report measuring wealth in U.S. dollars. “The increase was driven primarily by the solid market performance of existing assets, both in developed and emerging markets,” the report said. That gain gives China a total of 4 million U.S.-dollar millionaires, second only to the United States’ 7 million. BCG defines millionaires as people who have more than $1 million in “cash, stocks, and other financial investments,” but does not include property or businesses in its calculations.