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The Chinese are getting richer every day. Savings of wealthy citizens of China are estimated at 165 trillion yuan

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The Chinese are getting richer every day. Savings of wealthy citizens of China are estimated at 165 trillion yuan
June 20
08:00 2017

Chinese millionaires and billionaires have been counted. The figures, published in the collaborative communiqué of Bain & Co and China Merchants Bank, showed that the number of millionaires and billionaires in the PRC had increased significantly in ten years (from 2006 to the end of 2016). So, if ten years ago only 180,000 Chinese citizens could show off personal assets of more than 10 million yuan, thus far 580 thousand people have surpassed this mark. For your information, 10 million yuan is about 1.5 million US dollars.
Also, the report contains an approximate assessment of the funds accumulated by wealthy Chinese. This figure is equal to 165 trillion yuan (about 24 trillion US dollars).
Private investors from China prefer to invest in the markets of Australia, the United States, Canada and Hong Kong. Most likely, the location of priorities of Chinese millionaires will change, as now there is a decrease in interest in Hong Kong and the United States.
Wealthy citizens of China were asked the reasons for encouraging them to invest in the economy of foreign countries. The main motives were the prospects for permanent residence in another country, the reduction of risks in capital management and great investment attractiveness of foreign markets.
It is interesting that wealthy Chinese people have changed their life priorities in 7 years that have passed since the last poll. If in 2009 the vector for millionaires and billionaires of China was the accumulation of funds and improvement of the life quality, thus far wealthy citizens are busy with issues of inheritance and preservation of capital.
The Japan Times reports that the number of Chinese citizens with assets of more than 100 million yuan has increased for approximately 12 times over the past decade. In 2006, there were about ten thousand people, now there are more than one hundred and twenty thousand.
In 2017, the growth rate of personal savings of Chinese citizens is expected to decrease; an increase of 14% is forecasted (last year the growth reached 21%).

 

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT Trade

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