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23 Jun, 2017

China counts 1.58 million high-net-worth individuals in 2016

By Sun Wenyu

Beijing, (People’s Daily Online)  – China’s population of high-net-worth individuals (HNWI), defined as those who have investable assets in excess of 10 million RMB, reached 1.58 million in 2016, according to the China Private Wealth Report, jointly issued by China Commercial Bank (CMB) and management consulting firm Bain on June 20.

The report said that 70 percent of the NHWI population gained their wealth in the past six years. In other words, nearly 490 people edged into the category every day from 2011 to 2016.

The compound annual growth rate of the NHWI population stood at 23 percent from 2014 to 2016, and this population holds assets totaling 49 trillion RMB. The investable assets per capita is approximately 31 million RMB.

CMB and Bain noted that 22 provinces now have a NHWI population of over 20,000, and the gap between regions has narrowed. Guangdong, Shanghai, Beijing, Jiangsu and Zhejiang were the first five cities or provinces to surpass 100,000 such individuals, accounting for 47 percent of the country’s NHWI population and 62 percent of the total investable assets owned by that population.

China’s private wealth is experiencing rapid growth, and the NHWI population is expected to hit 1.87 million in 2017, the report said, adding that total investable assets owned by this group will soon grow to 58 trillion.