China's individual investable assets second in world

Updated 2017-04-28 15:01:15 chinadaily.com.cn
Jack Ma (third from right), executive chairman of Alibaba Group Holding Ltd, seen among Chinese tech millionaires during the opening ceremony of an academic symposium in Hangzhou, East China's Zhejiang province. (Photo by Xu Kangping/For China Daily)

Jack Ma (third from right), executive chairman of Alibaba Group Holding Ltd, seen among Chinese tech millionaires during the opening ceremony of an academic symposium in Hangzhou, East China's Zhejiang province. (Photo by Xu Kangping/For China Daily)

The value of China's individual investable assets reached 126 trillion yuan (.28 trillion) in 2016, 1.7 times the country's gross national product, ranking second in the world in terms of scale, according to a report released by Industrial Bank Co and global consulting firm Boston Consulting Group on Thursday.

China's individual investable assets will grow steadily in the next few years and reach 220 trillion yuan by 2021, said He Dayong, manager of the Financial and Insurance Industry Department at BCG.

The number of Chinese high-net-worth families, with more than six million yuan in investable assets, has surpassed 2.1 million, and that group is set to reshape a wealth management market of 110 trillion yuan in the next five years, providing enormous opportunity for the development of private banking, according to the report.

With the rapid asset accumulation of these families and the maturation of the capital market, the number of clients of domestic private banking has exceeded 500,000. Assets under management reached nearly eight trillion yuan after 10 years of development, according to the report.

Most of the wealth of high-net-worth families comes from entrepreneurship, while investments and salaries rank second and third in wealth sources. Most people with high-net-worth assets are between 40 and 60 years old.

Participants of an analysis on China's high-net-worth families are satisfied with their investment returns in 2016. About 91 percent of them have gained profits from investments in the previous year and about 45 percent of participants' investment return rate surpassed 10 percent.

Most of the participants are optimistic about China's macro economy, with 93 percent believing that their families' assets will remain stable or increase steadily over the next few years.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 22 2017 14:25:46

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 22 2017 14:25:46

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 22 2017 14:25:46

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords