Almost 1.34 million High Net Worth Individuals with a net worth exceeding ten million yuan (USD 1.47 million) reside in the Chinese mainland by the end of May this year.[Photo: hurun.net]

New figures released by a Hunrun Report shows that there are almost 1.34 million High Net Worth Individuals (HNWI) with a net worth exceeding ten million yuan (USD 1.47 million) in the Chinese mainland by the end of May this year, up 10.7% than before.

The data comes from a report entitled "Going Global: Trends of the Chinese HNWI 2016" jointly released by the Hurun Research Institute and China CITIC Bank on Saturday.

Number of Chinese HNWIs in 2016 by different asset levels.[Photo: CRIENGLISH.com/Wang Xin]

According to the study, Beijing witnessed the highest population density of HNWIs, with 1.1 HNWIs in every 100 people. Shanghai ranks second and then northeast China's Jilin Province and east China's Zhejiang Province, reports National Business Daily.

Among those HNWIs, a total of 89,000 are billionaires, reaching a 14.1% growth rate. By the end of 2014, China had a population of around 1.3 billion, which means the number of Chinese HNWIs, billionaires included, account for 0.1%, according to the data from National Bureau of Statistics of the PRC.

As per the report, instead of Beijing, the largest numbers of HNWIs reside in south China's Guangdong Province, reaching 240,000 people. It is followed by Beijing, Shanghai and Zhejiang Province. However, with regards to the population density of HNWIs, Beijing ranks first.

Top 5 Chinese cities and provinces which have the highest population density of HNWIs in 2016.[Photo: CRIENGLISH.com/Wang Xin]

Another highlight of the report is that those HNWIs tend to make a more diversified asset allocation, especially in overseas investment, which is preferred. As the report shows, nearly half of the HNWIs express their willingness to increase their overseas financial allocation, which has accounted for 16% of their investment assets. Further, foreign currency deposits are the most common financial investment strategy chosen among the HNWIs.

According to the Hurun Institution, the newly released white paper on the trends of the Chinese HNWI 2016 was done by giving a one-to-one questionnaire survey of 779 high net worth individuals across 22 provinces and autonomous regions in China.