China now has about 960,000 millionaires, up 9.7 percent from last year, according to the GroupM Knowledge-Hurun Wealth Report 2011, Caixin Online reported. Of them, 60,000 are billionaires, up 9.1 percent.

According to the report, Chinese millionaires average 39 years old, and the billionaires average 43 years old.

Many of the Chinese millionaires have gained their wealth from private businesses, some from property speculations, some are stock experts and some are high-earning executives.

Beijing has the most millionaires, followed by Guangdong Province and Shanghai. The report said the rising property prices and a rapidly-growing GDP have led to an increase in the number of Chinese millionaires.