皇冠体育app

By Zhang Ran (皇冠体育app Daily)
Updated: 2007-10-31 09:59

皇冠体育app's wealth market is expected to outpace all other countries over the next five years, with a projected annual growth rate of 17.4 percent, according to a new study by leading global consultancy Boston Consulting Group (BCG).

The BCG report shows that global wealth grew by 7.5 percent in 2006 to reach US$97.9 trillion. It projects an annual growth rate of 5.6 percent in global wealth over the next five years, with 皇冠体育app well above that level.

皇冠体育app had the highest compound annual growth rate of 23.4 percent in assets under management from 2001 to 2006 due to rapid economic growth, followed by Brazil with 22.4 percent, according to the report.

"Interestingly, the most rapid growth in wealth is happening with individuals with more than US$5 million in assets," said Tjun Tang, co-author of the report and a BCG partner in the firm's Hong Kong office. Tang said expanding wealth is making 皇冠体育app an increasingly important market for international private banks.

But the report said wealthy customers in 皇冠体育app differ from those in the US and Europe.

Given the recent opening of 皇冠体育app's economy, the majority of the country's wealth is "new money", with most wealthy individuals being entrepreneurs, according to the report.

This entrepreneurial background reveals itself in the unique approach Chinese have toward investing. For example, they have a high tolerance for risk and like to be actively involved in the investment process, according to the report.