Mega rich in Chinese mainland to top combined GDP of S Korea, Taiwan

The net wealth of the mega rich in the Chinese mainland will be greater than the GDP of South Korea and Taiwan combined this year, according to Wealth-X, a Singapore-based company specializing in business development solutions for ultra high net worth individuals.

Wealth-X recently released eight predictions for the Year of the Snake for the ultra high net worth individuals in the Chinese mainland, defined as people with more than US$30 million in investable assets or a disposable income exceeding US$20 million. The mainland had approximately 11,000 people fitting this description in 2012 and this number is expected to grow to 12,250 in 2013.
One of the most eye-opening predictions that illustrates the growing wealth of the country's ultra high net worth population is that their combined net worth will increase by 8% and reach US$1.7 trillion in 2013, more than the GDP of South Korea and Taiwan combined. According to the IMF, in 2011 South Korea recorded a GDP of US$1.1 trillion, while Taiwan had a GDP of just under US$470 billion.