Multimillionaires: Chinese Multimillionaires and Assets

multimillionaires: From June 2015 to May this year the yuan depreciated 11 percent against the US dollar, ensuring a relatively high return rate on dollar-denominated assets, according to Global Times China. With diversified financial channels, it is understandable that Chinese multimillionaires are showing more enthusiasm for these assets. The latest finding by the Hurun Research Institute shows a new trend in the investment decisions made by Chinese multimillionaires whose assets surpass 10 million yuan . Of this group, nearly half are likely to further increase their allocation of overseas financial assets, which currently account for 16 percent of their total investment. Hurun research shows that the number of Chinese multimillionaires reached 1.34 million by the end of May, which means there is one multimillionaire for every 1,000 people in China. Ordinary Chinese people have rarely taken part in the yuan exchange rate market, but the emergence of a sizeable affluent class makes these investors an important force in determining the exchange rate. As this affluent class continues to gain prominence, their growing purchasing power for overseas financial assets is likely to affect the financial market as it creates a high demand for the US dollar. (news.financializer.com). As reported in the news.