China is poised to see a further 20 per cent rise in its total number of high net worth individuals this year as wealth creation and preservation continue to drive investment choices, a study by Bain & Company reveals.
In the research titled "China Private Wealth Report 2013," the number of Chinese HNW individuals grew to over 700,000 at the end of 2012, more than doubling since the end of 2008. The report defines an HNWI as someone with approximately $1.6 million in surplus assets.
Average individual investable assets per HNWI were RMB29 million ($4.7 million) in 2008, the study said. This is expected to grow to RMB31.8 million by the end of 2013. There are currently 20 provinces in China with HNWI populations exceeding 10,000.