According to the newly published 2015 Chinese Mass Affluent Report compiled by Forbes China and CreditEase the number of Chinese consumers with investable assets of between US$100,000 and US$1 million may jump by more than 10 percent from a year ago to 15.3 million by the end of this year.
The report highlights that total private investable capital of this affluent group grew 12.8 percent to 106.2 trillion Yuan (US$17.1 trillion) last year and may reach 114.5 trillion Yuan by the end of 2015.
The middle class showed stable growth, numbering 13.88 million by the end of 2014, and it is predicted that this will expand to 15.2 million people by the end of 2015. This data indicates that the Chinese wealth management industry is about to enter into a period of rapid development.
The report also highlighted that wealth-management products flourished with the bull run in Shanghai and Shenzhen last year. Just over 73 percent of the surveyed group owned wealth-management products.
Alternative and passion investments such as art or private equity are becoming more popular among this segment. Also nearly 10 percent of the group have considered foreign investment. The report also revealed that those aged between 30 and 40 made up three-fifths of the total number in the group.
Headquartered in Beijing, CreditEase is a national leader in wealth management, credit management, microfinance investment, and microcredit loan origination, it has a nationwide network covering over 100 cities and 20 rural locations. CreditEase recently partnered with US based Wellington Management to invest in pre-IPO stage companies.
