While it remains to be seen how much of a dent the current movement will have on luxury spending by the Chinese, luxe brands can take solace in one thing: the ranks of China’s high net worth individuals is swelling. According to Bain, the number of Chinese with a net worth of at least 10 million renminbi ($1.6 million) hit 1 million last year, double what it was just four years ago. And China’s 1% is much less likely to cut back on spending.