Chinese wealthy families set to overtake Japanese ones in sheer numbers

China is set to emerge as the country with the second largest number of wealthy families and overtake Japan, financial and professional services information provider VRL said.

China currently has 0.85 million (8.5 lakh) families with assets of more than $1 million (Rs 5 crore). This number will more than double to 2.1 million by 2015, VRL said.

The report also found that on average, Chinese billionaires are 15 years younger than those in other regions, with a higher proportion of postgraduates and females.

China is home to one of the best performing economies in the world and the fastest growing one among countries of size. The growth of wealth in the country is directly a result of economic boom heralded by the unshackling of local industry from archaic laws nearly three decades ago.

With growth rates of 6 to 10 percent a year, China has emerged as the manufacturing hub of the world.