China’s millionaires jump ninefold in the past decade
THE NUMBER of high net worth individuals (HNWIs) in China has risen nearly 9 times since a decade ago, a private survey released yesterday showed, as strong growth in the world’s second-largest economy has spurred wealth creation.
Chinese with at least 10 million yuan (R18.9m) of investable assets hit 1.6 million in 2016, up from 180 000 in 2006, according to the 2017 China Private Wealth Report by Bain Consulting and China Merchants Bank.
The overall value of the private wealth market increased to 165 trillion yuan in 2016, growing at 21 percent annually in 20142016.
But the growth rate of China’s private wealth market is expected to decline to 14 percent in 2017 to a total size of 188trln yuan.
Around 120 000 HNWIs had at least 100m yuan worth of investable assets, up from less than 10 000 people in 2006.
The percentage of HNWIs with overseas investment increased to 56 percent in 2017, up from 19 percent in 2011, but the overall percentage of assets invested overseas has stabilised since 2013.
The top five destinations for overseas investment were Hong Kong, the US, Australia and Canada, although Hong Kong’s popularity fell 18 percent and the US dropped 3 percent from 2015 to 2017. – Reuters