China created 40,000 new millionaires in 2013, bringing the number of millionaires in the communist country to 1.09 million, according to a new study published over the weekend.
This is a growth of 3.81% in the number of millionaires, a slight improvement over the previous year's figure of 31%.
However, this is only half the growth rate of new millionaires in 2010 and 2011, suggesting that China's economic slowdown and political corruption are weighing on the creation of new millionaires.
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According to the Hurun Research Institute, the number of people in China with personal wealth of 10 million yuan or $1.6 million climbed to 1.090 million, compared to 1.050 million in 2012. In addition, the number of people in China with personal wealth of 100 million yuan ($16 million) rose by 2,500 in 2013 to 67,000.
