Beijing: The wealth of the country’s high net worth individuals (HNWIs) in 2015 will be more than triple that of 2010, the head of a bank that has launched a service aimed at China’s super-rich has predicted.
The assets of HNWIs in China will accumulate in coming years, rising at an average annual rate of 27 percent from $2.62 trillion in 2010 to $8.76 trillion by 2015, Chen Jianfa, president and chief executive officer of Shanghai-based United Overseas Bank Limited (China) (UOB China), Tuesday 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) 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, reported Xinhua.