Number of millionaires grows in China

With the gross domestic product expected to top 8 percent this year, China's economy slumped, but did not come close to a recession. Meanwhile, the number of millionaires in China is expected to surpass 450,000 by the end of the year, Boston Consulting Group said.

The net worth of the millionaire club in China was about $1.73 trillion, China Daily reported Friday.

"China is arguably the most explosive wealth market in the world, as rising income and a high savings rate will continue to spur development," said Frankie Leung, a lead author of the report.

As international trade drops and China's economic growth slowed, overall wealth in China fell 2.3 percent to $3.41 trillion in 2008. Globally, wealth dropped 11.7 percent in 2008 compared to 2007, to $94.4 trillion, the study said.

Copyright 2009 by United Press International.