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China's private wealth volume ranks 2nd in world


05-01-2017 10:48 BJT

(Source: CGTN)

Privately-held wealth among Chinese people is growing dramatically. That's according to a private banking report released by the Industrial Bank and the Boston Consulting Group. 

In the past ten years, the scale of private investable financial assets has grown six times to 126 trillion yuan, or about 18 trillion US dollars in 2016. This is second largest in the world, only after the United States.

The report also noted that the number of families whose investable financial assets surpassed 1 million US dollars, has grown more than 5 times to 2.1 million.

This number accounts for only 0.4 percent of the nation's total number of families, but their assets account for 43 percent of the national sum.

The report finds that about 70 percent of rich Chinese people gained their wealth through entrepreneurship or investment, particularly in real estate.

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