The growth of China's private wealth market — which is hoped to help fuel expansion of everything from financial services to global sales of luxury goods —is expected to slow this year, according to a new report by Bain Consulting and China Merchants Bank. Expansion in the sector will cool to 14% this year, from 21% annual growth between 2014 and 2016. China's slowing economy and increasingly strict capital controls are blamed for the deceleration, the 2017 China Private Wealth Report says. The number of the nation's high net worth individuals, who have 1.46 ($at least RMB10mm), is now 1.6 million, a nine-fold increase over the past decade.
The growth of China's private wealth market — which is hoped to help fuel expansion of everything from financial services to global sales of luxury goods —is expected to slow this year, according to a new report by Bain Consulting and China Merchants Bank. Expansion in the sector will cool to 14% this year, from 21% annual growth between 2014 and 2016. China's slowing economy and increasingly strict capital controls are blamed for the deceleration, the 2017 China Private Wealth Report says. The number of the nation's high net worth individuals, who have at least RMB10m ($1.46m), is now 1.6 million, a nine-fold increase over the past decade.