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China's rich building wealth in property

Fourteen percent of rich Chinese families whose investment assets top six million yuan ($946,756) depend on the real estate industry as their major source of income, Beijing News reported Friday citing a report newly released by The Boston Consulting Group (Boston). Yang Jie reports for China Daily. December 23, 2011 -- Nearly 60 percent of rich Chinese families are private business owners, while 12 percent became millionaires by investing in the financial market and 10 percent accumulated their fortune through salaries, with the other five percent inheriting their wealth, according to the 2011 China Wealth Market Report. The number of rich Chinese families is growing rapidly in provinces like North China's Shanxi which is abundant with natural resources and South China's Hainan which has an advantaged geographical position, while East China's Anhui, Southwest China's Guizhou and other provinces in Central and West China lead the growth. Individual investment asset in China is expected to hit 62 trillion yuan this year and a total of 1.21 million Chinese families will have over 6 million yuan worth of investment assets.