Private wealth in China has seen steady expansion as the country’s economy continues to power ahead, according to a wealth report jointly released by China Merchants Bank and the global management consulting firm Bain & Company.
By the end of 2020, the investable assets of Chinese citizens had hit 241 trillion yuan (about 37.48 trillion U.S. dollars), with the compound annual growth rate between 2018 and 2020 reaching 13 percent, read the report.
In 2020, the number of high net-worth individuals with investible assets of over 10 million yuan in the country reached 2.62 million.
Benefiting from the country’s economic transformation and the development of the real economy, the structure of China’s high net-worth population is becoming increasingly diversified, according to the report.
The report forecasts that the investable assets of Chinese citizens will reach 268 trillion yuan, while the high net-worth population will approach 3 million by the end of 2021.