UBS's James Mazeau: China will add over 5 million millionaires by 2029.

At the UBS "2025 Global Wealth Report" sharing session, UBS Chief Economist Paul Donovan stated that global wealth levels are continuing to rise. Over the next twenty years, over $80 trillion in wealth will change hands; furthermore, the ownership of wealth by women is also steadily increasing. These trends have been present over the past few decades and will continue to manifest in the coming years. Regarding the growth of wealth in China, UBS Group Economist James Mazeau stated that the "2025 Global Wealth Report" mentions that by 2024, China will be adding over 380 new millionaires per day. This growth is primarily due to the sustained growth of the Chinese economy, which is the core driver of wealth creation. He also pointed out that based on current trends, it is expected that by 2029, China will add over 5 million new millionaires.