Rising wealth offers rich pickings, says report

China will become one of the largest markets of high-net-worth individuals in the world, with the number of high-net-worth families rising from 2.07 million in 2015 to 3.88 million at the end of 2020, a report released on Wednesday said.

During the same period, China's personal investable assets will increase from 113 trillion yuan ($17 trillion) to 200 trillion yuan at a compound annual growth rate of 12 percent. The investable assets of high-net-worth individuals will account for 51 percent of the total in 2020, said the report released by Industrial Bank Co Ltd and The Boston Consulting Group.

"Chinese banks are increasingly turning toward capital-light activities and asset management," said Chen Jinguang, vice-president of Industrial Bank, a medium-sized Chinese commercial lender based in Fuzhou, Fujian province.