HONG KONG — China’s economic growth may be slowing but the wealth of high-net-worth individuals is rising steadily, according to new research from Boston Consulting Group and China Industrial Bank.
The number of China’s high-net-worth families will reach 3.88 million by 2020 and their investable financial assets will account for 51 percent of China’s individual wealth at that time, the parties said in their research on private banking development.
The value of high-net-worth individuals’ investable financial assets is seen growing at an average annual rate of 15 percent between 2015 and 2020, outpacing China’s projected GDP growth rate of 6.5 percent over the same period, according to the study.
Much of that wealth is being invested overseas. The study estimates that the proportion of Chinese individual assets to be allocated overseas will increase from the current 4.8 percent to about 9.4 percent in the next five years, the study said.
Earlier this week, Boston Consulting Group released another research report showing that Chinese consumer sentiment remains strong despite the economic slowdown.