China’s number of high-net-worth individuals (HNWI) under 40 had increased to 42 percent than the 29 percent in 2019, and the country’s total personal investable assets will reach 268 trillion yuan ($41.65 trillion) by the end of 2021, according to a personal finance survey published by China Merchants Bank and Bain & Company on Tuesday, demonstrating the country’s thriving private financial market and positive investment environment.
According to the survey, China’s total personal investable assets reached 241 trillion yuan in 2020 and the number of HNWI, the individual who possesses over 10 million yuan of personal investable assets, was 2.62 million. By the end of 2021, the number of HNWI will be enlarged to nearly 3 million and their personal investable assets will reach to 96 trillion yuan.
The survey also revealed that assets hedging, appreciation and avoiding investment risk are still the focuses for most investors. Since 2007 by now, Chinse-funded banks had always been the first choice for Chinese investors to management their wealth and can attract more than 80 percent of their domestic assets.
However, referencing rates of top three overseas assets investment destinations namely the Hong Kong Special Administrative Region, US and Singapore declined by 25 percent, 25 percent and 4 percent, respectively, due to impact of geopolitics and trading competition, according to the survey.