China Wealth 2017: The Way Ahead After a Golden Decade
After 40 years of rapid economic growth following China’s economic reforms, 2.1 million Chinese households are now “high net worth”. This has created a private wealth management market of RMB 120 trillion of assets under management (AuM). As the Chinese economy transits into the new normal, the private banking environment is changing. As the 10th anniversary of private banking in China approaches, commercial banks should clarify the strategic position of their private banking offerings, finding a model with distinctively Chinese characteristics.