Mainland’s wealthy to grow faster
Print Edition
The wealthy population on China’s mainland may grow faster this year driven by entrepreneurship and wealth-management income, Forbes and life insurer AIA said in a joint report yesterday.
China is set to have more than 1.12 million individuals with investable assets worth over 10 million yuan (US$1.6 million) by the end of this year, up 210,000 from the end of last year.
The growth is slated to exceed the average increase of 100,000 per year within the past four years.
Entrepreneurship is the means for the top end of the wealthy population to acquire wealth, the report said.
More than half of the rich are between 30 and 49 years old, and over 85 percent of the wealthy population are business owners, company managers and ordinary employees, the report said, based on an analytic model and more than 800 questionnaires.
Technology, media and telecommunication are creating “new wealth” at an unprecedented speed, it said.
The assets of the wealthy individuals were the result of a stronger performance of the domestic bond, stock and fund markets. Their financial assets, excluding cash and deposits, jumped 32 percent in 2014 from a year ago.
The total assets of the group are set to reach 114.5 trillion yuan by the end of this year, up 8 trillion from the end of 2014.
The rich chose cash, deposit and wealth management products as favorite investment options, followed by stocks and real estate.
Over 90 percent of the respondents said they were not willing to take high risks, and a third chose life insurance products as a wealth-management tool.
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