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Chinese affluent group continues to grow, survey shows
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THE number of Chinese consumers with investable assets of between US$100,000 and US$1 million may jump 10.1 percent from a year ago to 15.3 million by the end of this year, a report said on Wednesday.
The total private investable capital of the group grew 12.8 percent to 106.2 trillion yuan (US$17.1 trillion) last year and may reach 114.5 trillion yuan by the end of 2015, according to Chinese Mass Affluent Report compiled by Forbes China and CreditEase.
The average amount of investable assets of this mass affluent group rose to 1.35 million yuan from 1.31 million yuan in 2014, and their share in the overall assets added 1 percentage point to 17.6 percent last year, the report said.
The investment in stock market, funds and bonds mainly drove the growth of investable assets in 2014, compared to a major investment in real estate sector and savings in the past two years.
About 62.1 percent of the group has invested into the stock market, with 53.8 percent buying into funds. Both nearly doubled the figure of its percentage in 2013. While the proportion of property buyers dropped to 41.3 percent from 53.9 percent, reports showed.
Internet finance was favored as 55.6 percent of interviewees said they had invested over the sector due to lower barrier and convenience. Nearly 10 percent of the group allocated assets for foreign investment, but more than 60 percent of them only put a fifth or lower of their investable capital into the sector, amid rising opportunities in domestic market.
The report also revealed that those in 30s to 40s made up 60.1 percent of the total number of the group, with 55.1 percent being male and 64.8 percent of them have bachelor or higher degrees. More than half of the members in the group come from trade, finance and manufacturing sectors, while technology and communication sector came as the fourth.
The report, which was based on calculating models and questionnaires, had 1,149 effective respondents and was held from January to March 2015. Private capital in the shadow banking system was not included.
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