The rich in China will get richer, says banker

The head of a China bank predicted on Tuesday that the wealth of the country's high net worth individuals (HNWIs) in 2015 will be more than triple that of 2010, Xinhua news agency reported.

Assets belonging to HNWIs will accumulate in the coming years, increasing at an average annual rate of 27% US$8.764 trillion (RM26.82 trillion) by 2015 from US$2.627 trillion in 2010, Chen Jianfa, president and CEO of Shanghai-based United Overseas Bank Limited (China) [UOB China], quoted a report by CLSA Asia-Pacific Markets as saying.

The number of HNWIs with individual assets of more than six million yuan (RM2.91 million) now stands at 2.7 million in China, according to a survey.

Among China's cities, Beijing has the largest number of wealthy citizens with 460,000 HNWIs.

UOB China has launched a privilege banking service targeting clients with investment assets of at least one million yuan to provide them diversified and personalised products and services. — Bernama