The nation stands fourth in the global ranking of US dollar millionaires following the United States, Japan and Germany, which together account for 60 per cent of global millionaires, said France-based Capgemini and the Royal Bank of Canada.
The annual wealth report is the latest of many surveys, highlighting the growth of the wealthy in the Asia-Pacific region, despite concerns over slowing growth in the world's second-largest economy.
The number of people with at least $1 million (S$1.2 million) in liquid assets in China reached about 750,000, compared to 4 million in the US, Japan's 2.3 million and Germany's 1.1 million, according to the survey.
China and Japan, the only two Asian countries that made into the top five, contribute the most to Asia's growing wealth pool, which took experts by surprise due to the economic slowdown in both countries.
"If you look at Japan's economic situation after the disaster at the Fukushima nuclear power plant, it finds itself facing huge costs in terms of cleaning up and rebuilding," said Lu Jinyong, a professor at the University of International Business and Economics in Beijing.
"But probably because of that, it is now considering a green future, providing huge business opportunities in the field of new energy and other industries benefiting from the government's stimulus, which its entrepreneurs can capitalise on."
The report said that the Asia-Pacific region will replace North America to become the world's largest wealth management market thanks to the booming housing market in Asia, Japan's stock market, and rapid growth in China.