The affluent population in China is set to surpass the 56 million mark in 2022. The number of affluent individuals recorded an average annual growth rate of 9.2 percent in the previous four years.
The number of affluent population, including mass affluents (holding liquid assets of $50,000–1m) and High-net-worth (HNW) population (holding liquid assets of over $1m), is expected to grow from 40.1 million in 2018 to 56.7 million in 2022, according to GlobalData’s latest report «China Wealth Management: Opportunities and Risks to 2022».
«This growth will be driven by rising levels of urbanization, infrastructure expansion and high investment inflows in the country. Going forward, the number of Chinese affluent individuals is forecast to grow at a similar rate, reflecting the country’s positive economic growth,” said Shivani Gupta, Wealth Analyst at GlobalData, in a media statement.
The report also reveals that the number of affluent individuals recorded an average annual growth rate (AAGR) of 9.2 percent between 2014 and 2018, rising from 28.35 million in 2014 to 40.13 million in 2018.
Growing Despite Trade Dispute
Despite the recent trade dispute with the U.S., the number of Chinese affluent individuals has been growing at a healthy pace. The country is home to the second-largest affluent population in Asia and the third-largest globally, behind only the US and Japan.
Together, China and Japan are home to more than two-thirds of the region’s affluent population. However, growth in China notably overshadows that in Japan. While the number of affluent individuals in Japan is forecast to record an AAGR of 2 percent between 2018 and 2022, China will impress with an AAGR of 9.7 percent over the same period.
