China’s rich see wealth jump to $24.2tn
Ranks of wealthy top 1.5m people but report expects asset growth to slow this year
China’s ranks of wealthy people have surged above 1.5m people with combined assets of Rmb165tn ($24.2tn) — but growth in their riches is expected to slow this year to a decade-low, according to a new report.
The number of Chinese with investable assets of at least Rmb10m climbed to 1.58m by the end of 2016, up from 180,000 a decade earlier, the report from China Merchants Bank and Bain & Co showed.
Their combined assets are expected to rise to Rmb188tn by the end of this year, marking a drop in growth to 14 per cent — the slowest rate for at least a decade which comes after growth peaked at a compound annual rate of 21 per cent between 2014 and 2016.