China’s ‘affluent’ population to rise to 15.28 million by end of year
The 10 per cent increase, compared with 2014, is less than 16 per cent growth from 2012-14 and comes as China’s economy slows
Mainland China is expected to have 15.28 million mass affluent people – those with investible assets of between 600,000 yuan (HK$760,000) and six million yuan by the end of this year – a rise of 10 per cent compared with last year, says a report by Forbes China and Beijing-based wealth management company CreditEase.
By the end of 2014 the mass affluent population numbered 13.88 million – an increase from 11.97 million up to the end of 2013.
The most recent rise is the result of increased wages and wealth management efforts, but marks a slowdown from the annual growth of about 16 per cent seen over the 2012-14 period and comes amid China’s economic doldrums, reported the Chinese Mass Affluent Report 2015, which was released in Qingdao, in Shandong province, on Wednesday.
In the survey of 1,149 affluent mainlanders, carried out during this year’s first quarter, respondents said they most favoured banks’ wealth management products, stocks and mutual funds.
About 73 per cent of people featured in the survey said they preferred wealth management products provided by banks – down from 81 per cent reported in last year’s survey.
Preference for stocks rose from 38 per cent last year to 62 per cent this year, while the fondness for mutual funds leapt from 37 per cent last year to 54 per cent this year – reflecting the increasing attraction for stocks following the market rally since the middle of last year.