Trends seen in rise of China’s ultra wealthy

Luxury retail sales growth in China is still expected to expand at a double-digit clip despite signs of a slowdown, as the nation’s ultra wealthy population and their net worth continues to fall. According to Wealth-X, a data and research firm on the global ultra-high-net-worth community, the number of ultra wealthy with $30 million or more in China shrank 2.3% year-on-year to 11,245 in 2012. In terms of their level of wealth, that sank 6.8% year-on-year to just under $1.6 trill…