Wealth Landscape in China: Market Sizing and Opportunities to 2022

Based on our proprietary datasets, this report analyzes China’s wealth and retail savings and investments markets, with a focus on the HNW segment. This includes overall affluent market size (both by number of individuals and the value of their liquid assets) as well as a breakdown of liquid vs. illiquid HNW holdings. The report also provides analysis of the factors driving liquid asset growth, including a breakdown and forecast of total retail savings and investments split by asset class.

In 2018, 40.1 million individuals were considered affluent (mass affluent and high net worth [HNW]). The two population segments collectively held 86.7% of the country’s total onshore liquid assets in 2018, with the mass affluent segment alone holding more than half of total liquid assets. Thanks to lower economic productivity, wealth growth will be somewhat less pronounced over the forecast period to 2022 than in previous years. However, strong predicted retail investments growth – led by a positive mutual fund performance – will maintain a faster wealth growth rate than in the wider region. With a 9.5% compound annual growth rate (CAGR) for affluent investors’ liquid assets expected over the forecast period, China remains the envy of many of its Asian peers.


– While affluent individuals accounted for 3.7% of China’s total adult population in 2018, they collectively held 86.7% of the country’s retail wealth.

– China’s retail investors allocate the majority of their wealth to deposits, with the asset class accounting for over three quarters of total liquid retail savings and investments in 2018.

– Despite China maintaining a closed capital account, almost a third of Chinese HNW wealth was held outside of the country in order to gain better returns.

Reasons to buy

– Make strategic decisions using top-level historic and forecast data on China’s wealth industry.

– Identify the most promising client segment by analyzing the penetration of affluent individuals.

– Receive detailed insights into retail liquid asset holdings in China.

– Understand the changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.

– See an overview of key digital disruptors in the country’s wealth market.

Companies mentioned

Agricultural Bank of China


China Construction Bank

Bank of China

China Merchants Bank

China Everbright Bank

Bank of Communications

Shanghai Pudong Development Bank

China Minsheng Bank

HSBC (China)

China CITIC Bank


Tiger Brokers

Money Cube

Jinshi Caice (Beijing) Consulting Co. Ltd

Rendong Holdings Co. Ltd

Haikejin Group

Meteorite Asset Management

SBI Holdings Inc.


The Goldman Sachs Group Inc.

Primavera Capital Group

Shanghai Lujiazui International Financial Asset Exchange Co. Ltd

American Reinsurance Group Incorporated

Sequoia Capital China

Beijing Jisha Chengta Co. Ltd

Table of Contents

Table of contents

Executive Summary

Macroeconomic Overview

China’s Wealth Market

Resident Retail Savings and Investments

Resident vs. Non-Resident Investments in China

Digital Disruptors

Recent Deals



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