Rich Chinese set to expand to 12.3m
Print Edition
THE number of Chinese having 1 million yuan (US$151,700) to 5 million yuan worth of investable assets each is estimated to hit 12.3 million this year from 11.16 million last year, a report said yesterday.
The report by Forbes China and China Pacific Insurance Group covered 4,758 people on the Chinese mainland. They included over half working as business owners and senior executives who preferred investment of medium risk and below. Two thirds were marginally knowledgeable about investment.
The overall personal investable assets have notched an average compound growth rate of 15 percent during the past three years to 126.7 trillion yuan last year in China. The value is set to jump to 144.6 trillion yuan this year, of which 12 percent will be held by this medium to high affluent group.
Cash and deposits are still the top choice for this group of wealthy people despite falling interest rates.
Stocks, coming in at No. 2, are likely to give way to wealth-management products given the recent volatile market.
Commercial real estate is expected to be another sought-after asset given its higher return on investment through long-term rental compared with residential properties.
While 8.7 percent of the wealthy group have invested overseas in stocks, bonds and properties, these assets may be more alluring in future.
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