A new report on private wealth in China jointly released by China Merchants Bank (CMB) and global consultancy Bain & Company highlights the huge volume of investible assets held by the country’s rapidly growing population of high net worth individuals.
The “2021 China Private Wealth Report (2021中国私人财富报告) indicates that in 2020 the personal investible assets of Chinese citizens hit 241 trillion yuan (approx. USD$37.52 trillion) in total, while the number of high net-worth individuals with investible assets of over 10 million yuan (approx. USD1.56 million) reached 2.62 million.
The Report further forecasts that by the end of 2021 the number of high net-worth individuals in China will approach three million, with total investible assets of over 90 trillion yuan.
China’s high-net worth individuals tend to be young, with 42% of them aged under 40 in 2020. 43% of them were senior executives, managers or professionals in 2020, collectively comprising a cohort that surpassed first-generation entrepreneurs in size for the first time on record.