China has 60,000 billionaires

More than 50 percent of assets owned by wealthy Chinese stay in the form of currency and deposits, which means they are in dire need of finance management, Yanzhao Metropolis Daily reported on Friday.

The Chinese Luxury Consumer White Paper 2012 said there are 2.7 million high net worth individuals in China, with personal assets of more than 6 million yuan ($950,000)and the average age is 39 years old. Among them, 63,500 were ultra-high net worth individuals with assets of more than 100 million yuan and had an average age of 41.

Most of them are business owners, real estate speculators, professional investors and well-paid professionals. The capital Beijing has the biggest number of rich people.

The report also said China's wealthy people require financing suggestions and products in the face of the unstable global economic situation.