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Chinese wealthy continue to rise

21 May 2015

China has 1,347,713 millionaires holding US$4.8 trillion of wealth collectively – a number that is set to double over the next five years - finds a new report from WealthInsight.

The high net worth individuals (HNWI) population and wealth in China have witnessed a significant growth between 2010 and 2014, and are set to grow further in the next five years. Chinese HNWIs increased by 52.8% over the past four years, going from 882,277 to a total of 1,347,713. Moreover, China had 8,366 UHNWIs in 2014, with an average per capita wealth of US$180.3 million, making them a prime target group for wealth sector professionals. Of this total, there were 194 billionaires, 2,790 centimillionaires and 5,382 affluent millionaires.


"While the slowdown of the Chinese economy is currently being carefully managed through structural reforms and gradual withdrawal of fiscal stimulus, the latest cut in reserve requirement ratio by the People's Bank of China for all banks in April 2015 will hopefully help to facilitate credit expansion, providing greater confidence to commercial banks to lend and hence lowering the cost of financing for corporations," says Dr Roselyn Lekdee, Economist at WealthInsight.


WealthInsight forecasts that the number of Chinese millionaires is set to double and reach 2.2 million by 2019, while wealth is expected to grow by 75.9%, to reach US$9.5 trillion by the same year. Beijing, Shanghai and Guangzhou have recorded the highest millionaire growth forecasts, with Beijing's HNWIs having grown from 141,413 in 2010 to 226,707 in 2014 - a number which is expected to exceed 360,000 by 2019.


"Despite prudential measures being undertaken in the Chinese economy, entrepreneurship is one of the most important elements that has fuelled the HNWI population in China. Unlike in Europe and the US, where fortunes have been passed on to next generations through family businesses, the Chinese often made their own fortunes. Interestingly, the Chinese HNWIs held 19.9% outside their home country in 2014, which is below the worldwide average of 20-30%. The Chinese millionaires certainly prefer to keep their wealth closer to home," says Lekdee.

 

All information is based on the WealthInsight report entitled 'China Wealth Report 2015'.

WealthInsight analysts are happy to comment. Please contact the WealthInsight press office at +44 (0) 207 936 6713 or email press@wealthinsight.com.



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