China produces fewer millionaires as economy slows: Survey
SHANGHAI (AFP) - China's millionaires, a symbol of the country's growing wealth, increased at their slowest rate in five years in 2012 as the economy and stock market stumbled, a survey showed.
The number of millionaires - defined as those with personal wealth of at least 10 million yuan (S$2 million) - rose just three per cent year-on-year to 1.05 million, said the independent Hurun Research Institute and consultancy GroupM Knowledge.
The number of "super-rich" Chinese - with personal wealth of at least 100 million yuan - went up only two per cent to 64,500, also the slowest pace in five years, according to the survey released on Wednesday.
The slowdown came as growth in the world's second largest economy slipped to a 13-year low of 7.8 per cent in 2012.