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December 9, 2009

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Home » Business » Economy

Mainland's well-off getting rich fastest

CHINA'S mainland affluent are enjoying the fastest growth of wealth in Asia Pacific, according to an industry survey.

About 70 percent of mainland respondents said they saw a rise in wealth over the past six months in the latest HSBC Affluent Asian Tracker survey carried out in September and October.

The figure tops all the surveyed markets in Asia Pacific markets, followed by 68 percent in India and 61 percent in Taiwan.

The survey was conducted by Nielsen for HSBC in eight markets - China's mainland, Australia, India, Indonesia, Japan, Malaysia, Singapore and Taiwan.

On the mainland, the survey targeted individuals with a monthly personal income of 12,000 yuan (US$1,757) or total liquid assets of 500,000 yuan.

About 89 percent of mainland respondents said they made their money through employment.

"It is exciting to see that mainland affluent are leading the wealth surge in Asia," said Bonnie Qiu, head of personal financial services at HSBC Bank (China) Co. "The mainland affluent are fast becoming savvy about protecting, growing, and managing their newly created wealth."

In the next six months, 31 percent of the mainland's affluent said they would be willing to accept greater risks, 57 percent said they did not plan to change their risk strategy, and 12 percent said they would take fewer risks.

Among investment tools such as stocks, trusts, bonds, insurance and structured products, more than 71 percent of the mainland respondents said they planned to invest in stocks, the highest level across the Asia Pacific.

The mainland's stock market has surged about 80 percent this year, and rapid economic growth has supported wealth creation. Economists said the mainland is projected to achieve a growth of more than 8 percent this year.


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