BEIJING (TIP): The number of high net worth individuals (HNWIs) in China passed the one million mark for the first time last year following a surge in the “innovative industries” sector, a study has shown. Defined as having more than 10 million yuan ($1.6 million) of investable assets, the country’s super rich totalled 1.04 million at the end of last year, or twice the number recorded in 2010, the China Private Wealth Report said.

The annual study is compiled by consulting firm Bain & Co and China Merchants Bank, state-run Shanghai Daily reported. China’s investable assets rose by 16% annually between 2012 and 2014 to 112 trillion yuan last year, the report said, adding that the figure is set to grow to 129 trillion yuan this year. Many of the “new rich” came from innovative industries such as IT, biotechnology and alternative energy, the report said. About 80% of them are aged under 50. “China’s HNWIs are driving the growth of the country’s real economy, particularly in key innovative sectors, which is helping to fuel the economy and advance innovation,” said Alfred Shang, a partner at Bain.

Guangdong province has the most wealthy individuals, with more than 100,000, though Shanghai and Beijing, and the provinces of Jiangsu, Zhejiang, Shandong and Sichuan each have more than 50,000, the report said.