Chinese millionaires to double in number in five years

Private jetThe number of Chinese millionaires is expected to double to 2.2 million with a combined wealth of $9.5 trillion by 2019.

On the whole, these millionaires are happier investing in their home market than other wealthy people. Chinese high-net-worth investors held 19.9% of their wealth outside China, whereas the worldwide average is between 20-30%.

"The Chinese millionaires certainly prefer to keep their wealth closer to home," says Roselyn Lekdee, economist at WealthInsight, a consultancy that produced the data.

Of the approximately 1.3 million millionaires identified in 2014, there were 194 billionaires, says WealthInsight. Growth in numbers of millionaires is expected to be fastest in the major cities of Beijing, Shanghai and Guangzhou.

"Unlike in Europe and the US, where fortunes have been passed on to next generations through family businesses, the Chinese often made their own fortunes," adds Lekdee.

The research focuses on individuals with at least $1 million of investable assets, excluding the value of their primary home.

©2015 funds global asia

Sponsored Profiles

Sponsored feature: Asset allocators – How do you track your decisions?

Apr 06, 2020

Mark Barry, Head of Asset Allocation at Milestone Group, explores how a simple question can highlight opportunities to automate and streamline your asset allocation investment process.

Sponsored feature: How is DLT changing the global securities services landscape?

Oct 17, 2019

By Jeslyn Tan, global head of product management, securities services, at Deutsche Bank

Sponsored feature: A new base for fund distribution

Oct 16, 2019

To get the most value out of the digitisation of investment fund distribution, a blockchain-based infrastructure is fundamental. By Olivier Portenseigne, Managing Director and Chief Commercial Officer, Fundsquare.

Sponsored profile: Bridging the gap

Mar 11, 2019

Private equity is a core part of the business for Caceis’ Hong Kong office, which looks after clients in China and Europe. David Li, chief executive officer, explains why private equity enjoys strong client demand and how it is being used to fund China’s international infrastructure ambitions.

Executive Interviews

Executive interview: Understanding geographies

Apr 06, 2020

Margaret Harwood-Jones, co-head financing and securities services at Standard Chartered, shares her insights on platform standardisation, opportunities in Asia and regulatory change to encourage...

Executive interview: ‘Bull markets don’t die of old age’

Dec 12, 2019

Having a balanced portfolio in the midst of the longest expansion in history is an investment imperative, Chris Alderson, co-head of global equity and head of international equity at T Rowe Price...


Hong Kong roundtable: A ‘fragile Goldilocks situation’

Apr 06, 2020

With the global economy at a crossroads, our panel of experts share their thoughts on the market conditions, geopolitical volatility and growth opportunities. Chaired by Romil Patel in Hong Kong.

Singapore roundtable: A horizon to hold long-term assets

Dec 12, 2019

Panellists discuss the geopolitical fractures concerning asset owners, Singapore as a hub for fintech start-ups and why it makes sense to raise capital from a Variable Capital Company (VCC). Chaired by Romil Patel in Singapore.