Tue, May 08, 2012
Business > Economy

Richest Chinese to get richer: new research

2012-05-08 08:32:56 GMT2012-05-08 16:32:56(Beijing Time)  Xinhua English

BEIJING, May 8 (Xinhua) -- The head of a bank that recently launched a service aimed at China's super-rich predicted Tuesday that the wealth of the country's high net worth individuals (HNWIs) in 2015 will be more than triple that of 2010.

The assets of HNWIs in China will accumulate in coming years, rising at an average annual rate of 27 percent from 2.627 trillion U.S. dollars in 2010 to 8.764 trillion U.S. dollars by 2015, Chen Jianfa, president and chief executive officer of Shanghai-based United Overseas Bank Limited (China) (UOB China), quoted a report by CLSA Asia-Pacific Markets as saying.

The number of HNWIs with individual assets of more than 6 million yuan (about 950,000 U.S. dollars) now stands at 2.7 million in China, according to results of a survey by the Hurun Report.

Among China's cities, Beijing has the largest number of super-rich, with 460,000 HNWIs.

UOB China has launched a privilege banking service targeting clients with investment assets of at least 1 million yuan to provide them diversified and personalized products and services.

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