Millionaire Households: 1,110,000
Ultra High Net Worth Households: 393
GDP (millions of USD): 5,878,257 (2nd highest)
Since the late 1970s, China has undergone a transformation from a largely centrally planned economy to one that is much more market-oriented. Many industries which were once government-controlled, such as oil, gas, and steel, have since been privatized to much success. As a result, its GDP has increased more than ten times what it was in 1978. The country is now an integral part of the world economy. As of 2010, China is the world’s largest exporter. According to The Boston Consulting Group, wealth in China will grow at a compound annual rate of 18 percent between the end of 2010 and the end of 2015. Among the richest people in the country is Robin Li, co-founder and CEO of Baidu, China’s most popular search engine. Li is currently estimated to have a fortune of about $9.4 billion.
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