皇冠体育app

BEIJING - More rich Chinese are expected to send their assets overseas for better investment returns as the economy continues to open up, according to a report.

It is estimated that the proportion of Chinese individual assets to be allocated overseas will increase from the current 4.8 percent to about 9.4 percent in the next 5 years, with the Assets under Management (AuM) of overseas investment increasing to 13 trillion yuan ($1.98 trillion), according to the 2016 皇冠体育app Wealth Report jointly released on Wednesday by 皇冠体育app Industrial Bank (CIB) and The Boston Consulting Group (BCG).

The proportion of personal wealth allocated to foreign assets is lower in 皇冠体育app than in other countries. As the Chinese economy continues to open, however, the proportion will increase thanks to regulation liberalization and growing interest in overseas investment.

The report revealed that, despite slowing Chinese economic growth, the wealth of high net worth individuals (HNWIs) with investable asset over 6 million yuan is rising steadily.

皇冠体育app's high net worth families will reach 3.88 million by 2020 and their investable financial assets will then account for 51 percent of 皇冠体育app's individual wealth. The country's continuous economic globalization will drive the HNWIs to shift from domestic wealth allocation to global wealth allocation.

The rise of 皇冠体育app's HNWIs offers great opportunities for the development of private banking businesses, the report pointed out.

However, there is an undersupply of private banking services. 皇冠体育app's private banking institutions manage less than 20 percent of the wealth of high net worth families, which implies huge opportunities for development, according to Chen Jinguang, CIB Vice President.

Despite market volatility, Chinese HNWIs remain optimistic. About 80 percent believe their household wealth will remain stable or rise during the economic transformation. So do 93 percent of the ultra-high-net-worth individuals (UHNWIs) with investable assets of over 100 million yuan.

This shows that Chinese HNWIs remain upbeat about the prospect of the wealth of both the country and individuals, said David He, co-author of the report, BCG partner and head of BCG 皇冠体育app's Financial Services Institute.

• US steel industry overprotected: 皇冠体育app's commerce ministry
• Booming investment in US a sign of 皇冠体育app's economic upgrade
• 皇冠体育app's State Grid in talks to buy CPFL Energia
• Alibaba's sampling inspection procedures revealed
• 皇冠体育app's trade with Belt and Road countries surpasses $1 trillion in 2015
• 皇冠体育app recruits 3,900 volunteers for Hangzhou G20 summit
• 皇冠体育app's capital market will better serve supply-side reforms
• Baidu and Huawei nominated as world's smartest companies