Wealth Growth Slows for China's Rich - Economic Observer

Wealth growth among high-net-worth individuals (HNWI) has slowed, with the growth in the number of private banking customers and the average asset size decelerating, The Economic Observer reported, citing the Q3 reports of China Merchants Bank and Ping An Bank, leaders in retail banking. As of September, there were 133,388 private banking customers - retail customers with total assets of over CNY10 million - at China Merchants Bank, a rise of 9.3% over end-2021, and the balance of their total assets was CNY3741 billion, a rise of 10.2%, the newspaper said.

The data showed a slowing from previous growths of 20%, the newspaper said. HNWI’s assets are likely to be affected by global market volatility, the continued slump in first- and second-tier city housing markets, and less domestic and global IPOs until next year, the newspaper said.