The number of people in China with personal wealth topping 10 million yuan ($1.6m) is set to reach 1.2m in the next three years, according to a new annual ranking of the wealthiest individuals in China.

The Hurun Report has released its "China Rich List," showing how the number of high-net-worth individuals in the country continues to grow. In 2013, 20 more Chinese had fortunes topping 10 billion yuan than in 2012.

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The report, a monthly magazine best known for its annual rich list and a product of the Hurun Research Institute, attributed the increases to the country’s overall GDP growth and appreciation in the value of real estate.

As of the end of 2013, the personal fortunes of 300 Chinese topped 10 billion yuan ($1.6bn).The number whose wealth tops 10m yuan surged by 40,000 to 1.09m, said the report.

It also counted 8,300 Chinese with wealth reaching one billion yuan, 200 more than a year earlier.

At the moment, China has 67,000 super-rich, whose number increased by 3.7% from last year. However, the report said last year the rate of growth of millionaires and billionaires in China was at its lowest point in the last five years.

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Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said, "Although we have been seeing a slowdown in spending, the money is still very much there."

As for a breakdown by cities, in 2014 Beijing had the highest number of high net-worth individuals (HNWIs), followed by Guangdong, and Shanghai in third place. Tianjin had the fastest growth rate of millionaires and billionaires.

Chinese millionaires can be divided into 4 categories: private business owners, professional stock market investors, real estate investors and high-salaried executives. The number of professional stock market investors decreased, whereas private business owners increased by 5%.

Chinese super-rich can be divided into 3 categories: private business owners, real estate investors and professional stock market investors.

In 2013, the Chinese economy continued to grow steadily, GDP increased by 7.7%. According to the China Index Research Institute’s figures, the annual house price has increased by 11.5%, the top tier cities’ annual house prices increased by 24%; second and third tier cities’ annual house prices increased by 6.9%.