China’s economic growth rate may have slowed, but the country continues to produce high-net-worth individuals (HNWIs) at a startling pace.
The number of Chinese with at least Rmb10m (about $1.5m) in investable assets has soared from approximately 180,000 in 2006 to nearly 1.6m in 2016, a more than eightfold expansion within a decade.
All told, China’s private wealth has swelled to Rmb165tn (about $24tn), more than six times its level in 2006, according to the fifth China Private Wealth Report, developed by Bain & Company in collaboration with China Merchants Bank (CMB).
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