China’s Wealthy To Expand At Quicker Pace

Despite the turbulent past few weeks the population of wealthy mainland Chinese may grow faster this year driven by entrepreneurship and wealth-management income, according to a report from Forbes and life insurer AIA.

China is set to have more than 1.12 million individuals with investable assets worth over 10 million yuan (US$1.6 million) by the end of this year, up 210,000 from the end of 2014.

The pace of growth is on track to exceed the average increase of 100,000 per year within the past four years.

More than half of the rich are aged between 30 and 49 and over 85 percent of the wealthy population are business owners, company managers and ordinary employees, the report said, based on an analytic model and more than 800 questionnaires.

Technology, media and telecommunication are creating “new wealth” at an unprecedented speed and entrepreneurship is the means for the population to acquire wealth, the report said.

The total assets of the group are set to reach 114.5 trillion yuan by the end of this year, up 8 trillion from the end of 2014.

 

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