Nation sees rise in investable assets

Riding on the growth of China's economy, the number of people in the nation with at least 10 million yuan ($1.46 million) in investable assets has expanded more than eight-fold within just a decade to around 1.58 million in 2016.

Correspondingly, the total assets they possess has increased six-fold from 26 trillion yuan in 2006 to 165 trillion yuan in 2016, around twice the size of China's 2016 gross national income.

Although China's economic growth has slowed, the growth rate of the private wealth market has not weakened, but has expanded robustly at an average annual growth rate of 23 percent from 2014 to 2016. This compared with average annual growth of 21 percent from 2006 to 2016, after China launched a cycle of interest rate and reserve requirement ratio cuts in 2014, leading to a large-scale recovery in the residential market, according to the latest research report jointly released by China Merchants Bank and Bain& Company.