China’s Wealthy Turn to Family Trusts to Pass on Riches

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The first report on family trusts in China indicates that they have become one of the preferred means for high net-worth individuals to pass on their assets.

The “2020 China Family Trust Report” (2020中国家族信托报告) released by China Merchants Bank on 9 November says that family trusts have become a “main bequesting tool for Chinese high net-worth individuals.”

According to the Report the potential market demographic for family trusts in China is over 240,000 individuals, who are expected to hold over 10 trillion yuan in assets that can be converted into family trusts by 2021.

Areas where high net-worth individuals are more inclined to make use of family trust services include Guangdong, Beijing, Shanghai, Jiangsu, Shandong, Zhejiang and Hubei.

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