Beijing No Longer Home to China's Wealthiest Population

Beijing is no longer home to the most ultra-wealthy people in China. According to a recent study, the new record holder is none other than Guangdong. 

As of May 2016, there were roughly 1.34 million people living in Chinese mainland who are worth over RMB10 million (USD1.51 million), China Daily reports. 

Guangdong not only has the largest number of wealthy individuals but it also has the fastest growing population of the super rich. According to a report from Hurun Research Institute and Taikang Life Insurance Co Ltd, there are currently 240,000 people in Guangdong that have assets worth more than RMB10 million, which is a 17.65 percent increase. 

Beijing has been bumped down to the number two spot with 238,000. Shanghai and Zhejiang province come in as numbers three and four, respectively.

READ MORE: Beijing Now Home to the World's Most Billionaires

According to the report, the majority of these super-rich people are “business owners, senior corporate employees, property speculators and professional investors,” China Daily reports. 

[Image via People's Daily]