China’s millionaire population could double by 2026

A Credit Suisse report said the number of China’s millionaires could double to 12.2 million in 2026, up from 6.2 millionaires last year. The increase could come even with the Chinese government's national drive to ease wealth inequality and a sharply slowing economy. In 2021, China had 6.2 million millionaires, up by more than a million from 2020, while globally the total number of millionaires increased by 5.2 million. The number in China is expected to double to 12.2 million in five years, the report said. The country's total household wealth reached USD85.1tr in 2021, up 15.1% or USD11.2tr from 2020. Globally, household wealth expanded 12.7% last year, the fastest annual rate recorded.