China's super-rich to get richer, predicts head of a bank

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IANS | 09 May, 2012
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 USD 2.62 trillion in 2010 to USD 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 USD 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.