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August 19, 2015

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China households see wealth increase

The total household investable assets in China are set to amount to 110 trillion yuan (US$17.2 trillion) by the end of this year after having grown at a compound annual rate of 21 percent since 2013, a report said.

The number of high net-worth households, referring to those with investable assets of more than 6 million yuan, has grown at a compound annual rate of 30 percent in the past three years and is set to hit 2.01 million by the end of 2015, according to a report on private wealth management which was jointly released by the Boston Consulting Group and the Industrial Bank yesterday.

High net-worth households will account for 41 percent of the total private wealth by the end of this year, said the report.

“Rapid economic growth, demographic bonus and a fast developing capital market contributed to the high speed of private wealth accumulation,” said the report.

Household wealth comprises mainly savings and cash, which will account for 50.9 percent of the total in 2015, down from 64.1 percent in 2013, said the report.

Wealth-management products come in second as they are becoming increasingly popular among investors, taking up 18.2 percent of household wealth in 2015, an increase from 12.9 percent in 2013.


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