A new report indicates that the number of high-net worth individuals in China is fast approaching one and a half million.
The “China Private Banking 2019” Report (中国私人银行2019) recently released by China Construction Bank in conjunction with Boston Consulting indicates that as of the end of 2018 China’s personal investible financial assets had reached 147 trillion yuan in total.
The number of high-net worth individuals in China – defined as those with personal investible financial assets of 6 million yuan or more, was 1.67 million as of the end of last year.
The report further indicates that the private financial wealth of China’s domestic citizens saw 8% growth in 2019, despite an increase in the number of domestic and external challenges to Chinese economic growth over the past year.
Zhang Lilin (张立林), vice-head of CCB, said that the bank depended upon fintech to establish itself as a mobile banker with a leading market advantage, and vigorously drive rapid growth in wealth consulting services, family trusts, and family office services in 2018.
Customer financial assets totalled 1.3485 trillion yuan in 2018, for YoY growth of 16.30%.