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China's Private Wealth Machine
Jennifer Zeng, John Ott 2017-09-18
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China’s economic growth rate may have slowed, but the country continues to mint high-net-worth individuals (HNWIs) at a torrid pace. The number of Chinese with at least RMB 10 million (about US $1.5 million) in investable assets increased from approximately 180,000 in 2006 to nearly 1.6 million in 2016, representing a more than eightfold expansion within a decade. Among HNWIs, the ranks of the richest of the rich—those with at least RMB 100 million ($15 million) in investable assets—have grown at an even faster rate. There are now about 116,000 of these ultra-high-net-worth individuals (UHNWIs), compared with 7,000 in 2006.
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